According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.32 percent last week from 4.37 the week before. It was the third consecutive drop in mortgage rates and brought them to a new low for this year. The Market Composite Index, which measures total loan application volume, was up 4.1 percent from the previous week driven, in part, by an 8.0 percent increase in the Refinance Index. The refinance share of mortgage activity increased to 78.8 percent from 75.6 percent the week before. More here.
