The Mortgage Bankers Association’s Weekly Mortgage Application Survey covers more than 75 percent of all U.S. retail residential mortgage applications. Last week, the report found average mortgage rates at the lowest level they’ve been since the survey began in 1990. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 3.72 percent from 3.75 percent the week before. The average rate on jumbo loan balances dropped to 3.99 percent from 4.00 percent the previous week. Despite declining rates, the Market Composite Index, which measures total loan application volume, was relatively flat, falling just 0.2 percent. The drop was due to a 4.0 percent slide in the Purchase Index. The Refinance Index rose 1.0 percent from the week before. More here and here.

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