According to The Mortgage Bankers Association’s Weekly Mortgage Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.60 percent last week from 4.67 percent the week before. Mortgage rates have fallen for five consecutive weeks, which has lead to a 33 percent increase in refinance activity. Last week, the Refinance Index gained 13.2 percent from the previous week and reached its highest level since last December. The seasonally adjusted Purchase Index rose 3.2 percent. The Market Composite Index, which measures total loan application volume, increased 7.8 percent from one week earlier. More here.