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US mortgage rates have dropped back below 7% for the first time in a month.The Mortgage Bankers Association's (MBA) mortgage applications index surged 7.1% for the week ending March 8, a slight slowdown from the previous week's 9.7% increase, according to newly released data on Wednesday.The data also revealed that the average rate on the 30-year mortgage dropped to 6.87% last week."Mortgage rates fell below 7% last week for most loan types due to recent economic indicators showing a softer service sector and a weaker job market, including an uptick in the unemployment rate and downward revisions to previous months' job growth," explained Mike Fratantoni, MBA's chief economist.Earlier this year, housing demand had stalled as rates climbed higher, but it is now showing signs of life as rates decline. Applications for mortgages to purchase homes increased by 5% from the prior week. However, overall application volume is down by 11% compared to the same period last year.Refinancing demand also saw an uptick last week, rising by 12% from the week before. Refinance applications are up by 5% compared to the same time last year."While these increases are significant in percentage terms, the level of refinancing activity remains relatively low, and we believe that most of this activity reflects borrowers who secured loans at or near peak rates over the past two years," noted Fratantoni.The housing market, sensitive to changes in interest rates, has cooled notably due to the Federal Reserve's aggressive tightening measures. The Fed raised the benchmark federal funds rate 11 times over 16 meetings in an effort to curb persistent inflation and moderate economic growth.