People held back on applying for new mortgages despite rates dropping to a 10-month low, but there were other loans which benefitted.

A lot of would-be buyers feel priced out of the housing market. Lower mortgage rates might not help move the needle.

Demand for homes can also tell us about demand for mortgages. Mortgage rates have been ticking down in recent weeks from about 6.8% a month ago for a 30-year fixed to around 6.6% today. But that hasn’t caused demand for home loans to surge. Mortgage rates have come down, but not that much.

The average rate on 30-year fixed home loans registered 6.63% for the week ending Aug. 14, down from 6.58% last week.

For the 11th straight business day, mortgage rates are very close to the levels from the end of the previous day.  Over the past week, however, most of these small day-to-day movements have been microscopically higher.

The 30-year fixed-rate mortgage averaged 6.66% in the week ending Aug. 14, down four basis points from the previous week.

The housing market is juggling mixed economic signals-ranging from stubborn shelter costs to easing mortgage rates.

In September, it's likely the Fed will lower rates, but constantly shifting rates can be difficult for buyers to comprehend. Here's a guide.

"HELOC interest rates are generally structured as prime plus a margin," Debbie Calixto, sales manager at mortgage lender loanDepot, says. The federal funds rate influences the prime rate, while the margin reflects an additional percentage based on your credit score and loan details.