The Market Composite Index, a measure of mortgage loan application volume, increased 9 percent on an unadjusted basis from the week before. "The drop in mortgage rates is good news for homeowners who are still looking to take advantage of the very low rate environment," Freddie Mac Chief Economist Sam Khater said. "Freddie Mac research suggests that lower income and minority homeowners have been less likely to engage in the refinance market. Low and declining mortgage rates provide these homeowners the opportunity to reduce their monthly payment and improve their financial position."