According to the Mortgage Bankers Association’s Weekly Applications Survey, refinance activity spiked 5.6 percent last week, as average mortgage rates hit another new low. The Increase in refinance application demand pushed total mortgage loan application volume up 3.8 percent over the previous week. It was the third straight week of gains in the Refinance Index and brought the refinance share of total mortgage activity up to 76.6 percent from 74.9 percent the week before. Michael Fratantoni, MBA’s vice president of research and economics, said mortgage rates dipped to new survey lows and spurred borrowers back into the refinance market. The average contract interest rate for 30-year fixed-rate mortgages fell to 3.93 percent from 3.96 percent the previous week. More here and here.

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