According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.80 percent last week, sparking a 17 percent increase in refinance application volume. Michael Fratantoni, MBA’s vice president of research and economics, said though low rates and refinance activity pushed total mortgage application volume up, purchase applications fell 3.3 percent to their lowest level in 13 years. More here and here.