The average contract rate on 30-year fixed-rate mortgages for conforming loans of $806,500 or less in the US was unchanged at fell to 6.21% in the week ended January 30, compared to a four-week high of 6.24% in the previous period, according to the Mortgage Bankers Association. Mortgage applications edged down 0.3%, with purchase applications falling 2.4% while those to purchase a home went up 1.2%. “FHA purchase and refinance applications increased, helped partially by the FHA rate declining and remaining 20 basis points lower than the conforming 30-year fixed rate. Borrowers are increasingly utilizing FHA loans as affordability challenges remain, despite recent improvements”, said Joel Kan, MBA’s vice president.