the numbers mortgage rates dipped for the third week in a row but a low number of homes for sale have curbed homebuying demand the 30year mortgage was averaging at 673 in midjune which pushed overall mortgage applications up 05 demand for both purchases rose while interest in refinancing fell overall that pushed the market composite index a measure of mortgage application volume up the mortgage bankers association mba said wednesday the market index rose 05 to 2098 for the week ending june 16 from a week earlier a year ago the index stood at 3204 key details homeowners didn’t see the current environment as a good time to refinance the refinance index fell 21 meanwhile falling rates drew home buyers in the purchase index which measures mortgage applications for the purchase of a home rose 15 from the previous week the average contract rate for the 30year mortgage for homes sold for 726200 or less was 681 for the week ending june 2 that’s down from 691 the week before the mba said the rate for jumbo loans or the 30year mortgage for homes sold for over 726200 was 673 down from 677 the previous week the 15year rose to 626 from 625 previously the rate for adjustablerate mortgages rose to 609 from the previous week’s 59 the big picture interest in purchasing a home is strong but buyers are hampered by a lack of options there is also little incentive to refinance since the vast majority of homeowners around 92 of homeowners with an outstanding mortgage have a rate below 6 according to realestate brokerage redfin rdfn  consequently the housing market is standing still until either homebuying demand drops off or housing supply improves what the mba said “firsttime homebuyers account for a large share of fha purchase loans and this increase is a sign that while buyer interest is there activity continues to be constrained by low levels of affordable inventory” joel kan vice president and deputy chief economist at the mortgage bankers association said in a statement he added that the mortgage rate for jumbo loans rose due to tighter liquidity conditions that have pushed jumbo lenders to pull back market reaction the yield on the 10year treasury note tmubmusd10y was above 37 in early morning trading wednesday