According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 4.18 percent from 4.21 percent the previous week. The drop brought rates to their lowest level since September 30. Michael Fratantoni, MBA’s vice president of research and economics, said applications for mortgage loans increased significantly coming out of the Thanksgiving holiday. In particular, refinance activity increased, with some lenders seeing refinance volume double. The Market Composite Index, which measures both refinance and purchase loan volume, was up 12.8 percent from the previous week. The Purchase Index increased 8.3 percent. More here.
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