According to the Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage loan application volume, dipped 2.9 percent last week. The Market Index’s four-week moving average, however, is up 4.11 percent due to improvements in both the Purchase and Refinance Index. Michael Fratantoni, MBA’s vice president of research and economics, said refinance volume remains high, despite the drop in total applications last week. Every state in the country saw an increase in refinance volume in December and only 12 states had a decrease in home purchase activity. The average contract interest rate for 30-year fixed-rate mortgages fell to 4.09 percent last week from 4.11 percent the week before. The average 30-year rate for jumbo loans also declined, dropping to 4.33 percent from 4.39 percent. More here.