According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages dropped to 4.25 percent last week from 4.34 percent the week before. The Market Composite Index, which measures total loan application volume, rose 3.2 percent, spurred by a 3.0 percent increase in the Refinance Index and a 3.9 percent jump in the Purchase Index. More here.