According to the Mortgage Bankers Association’s Weekly Applications Survey, total mortgage loan application volume fell last week though purchase demand edged up slightly. The Market Composite Index, which measures both refinance and purchase loan volume, was down 4.8 percent, largely due to a 6.0 percent drop in refinance activity. But though down from the previous week, refinance volume still accounts for 80 percent of applications and remains at elevated levels. Purchase loan demand was up 1.0 percent. Also, the average contract interest rate for 30-year fixed-rate mortgages ticked up to 3.65 percent from 3.63 percent the week before. The survey covers 75 percent of all U.S. residential mortgage applications and has been conducted weekly since 1990. More here and here.

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