According to the Mortgage Bankers Association’s Weekly Applications Survey, the seasonally adjusted Purchase Index surged last week, gaining 8.2 percent over the week before. But despite the spike, a dip in refinance volume kept the Market Composite Index, which measures total loan application demand, relatively flat. Total mortgage applications decreased 0.3 percent from the previous week, though the four-week moving average is up 0.33 percent. Michael Fratantoni, MBA’s vice president of research and economics, said mortgage rates remained near survey lows last week but refinance volume fell slightly. The week’s results were adjusted for the Presidents Day holiday. The average contract interest rate for 30-year fixed-rate mortgages dropped to 4.07 percent from 4.09 percent the week before. More here.