According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.55 percent last week from 4.69 percent the week before. Despite the drop in interest rates, the Market Composite Index, which measures total loan application volume, was down 5.1 percent, due in part to a 6.2 percent drop in refinance activity. The seasonally adjusted Purchase Index fell 2.6 percent, with the four-week moving average nearly flat. More here.
