According to the Mortgage Bankers Association’s Weekly Applications Survey, mortgage application volume slipped slightly last week though rates remain near record lows. The Market Composite Index, which measures total mortgage loan application volume, fell 1.8 percent from the week before due to a 2.0 percent drop in the Refinance Index and a 1.0 percent slide in purchase activity. Despite the dip, refinance volume remained at 81 percent of all mortgage activity for the week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances rose to 3.76 percent from 3.75 percent the previous week. The average rate for jumbo loans also increased, rising to 4.04 percent from 4.01 percent one week earlier. More here and here.

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