U.S. mortgage rates fell for the first time in over two months, with the average 30-year fixed-rate mortgage dropping to 7.41% from 7.50% last week, according to the Mortgage Bankers Association (MBA). Despite the rate decrease, total mortgage application volume fell 5.3% week-over-week. Purchase applications declined 7% and refinance applications fell 2%, indicating that lower rates were not enough to boost housing market activity.