According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 4.21 percent last week from 4.23 percent the week before. The average 30-year rate on jumbo loans also fell, dropping to 4.55 percent. Despite decreasing rates, the Market Composite Index, which measures total loan application volume, was down 11.7 percent last week, after an adjustment to account for the Thanksgiving holiday. Still, the seasonally adjusted Purchase Index remained steady, declining just 0.8 percent from the previous week. More here.