According to the Mortgage Bankers Association’s Weekly Applications Survey, mortgage rates increased a percentage point but remained near all-time survey lows. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances rose to 3.88 percent from 3.87 percent the week before. But, despite near record-low rates, mortgage application volume was down 7.1 percent last week. Michael Fratantoni, MBA’s vice president of research and economics, blamed the drop on a fall-off in refinance applications for government loans, which more than doubled the prior week. Still, refinance activity remains strong and accounted for 79 percent of total application volume. Purchase activity dipped 1.0 percent from the week before. More here and here.

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