Mortgage rates have been at or hovering near historic lows for months, although it hasn't spurred as much activity as the market needs to make a stronger recovery.
Democrats are in Charlotte, N.C., this week for their nominating convention, and many in the housing industry are keeping their ears open for more details on how a second Obama administration would help the market in the short and long term.
The average contract interest rate for 30-year fixed-rate mortgages for loans of $417,500 or less decreased to 3.78 percent from 3.80 percent. On larger loans, the rate was down slightly to 4.05 percent from 4.06 percent.
Thirty-year loans backed by the Federal Housing Administration fell to 3.54 percent from 3.60, while 15-year fixed-rate mortgages fell 3.10 percent from 3.12 percent.