According to The Mortgage Bankers Associations Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell from 4.31 percent to 4.22 percent last week. The drop brought rates to their second lowest level of the year and caused a spike in mortgage-application demand. The Market Composite Index, which measures total application volume, was up 10.3 percent over the previous week. The Refinance Index climbed 12.1 percent and the Purchase Index was up 4.8 percent. Michael Fratantoni, MBA’s vice president of research and economics, said refinance applications were at their highest level in a month and some lenders experienced even larger increases. The Purchase Index was at its highest level since August. More here.
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