According to the Mortgage Bankers Association’s Weekly Applications Survey, total mortgage application volume fell 0.8 percent last week after surging 18.0 percent the week before. The Refinance Index was up 1.0 percent from a week earlier while the Purchase Index dropped 9.0 percent from the previous week. Michael Fratantoni, MBA’s vice president of research and economics, said refinance volume increased again but the composition of the activity changed significantly. Demand for conventional and HARP refinance applications both decreased last week but FHA applications reached an all-time high. The refinance share of total mortgage activity was also up, reaching 81 percent from 79 percent the week before. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 3.87 percent from 3.88 percent. The average 30-year rate for jumbo loans was 4.06 percent. More here and here.

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