According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages jumped from 4.28 percent to 4.46 percent last week. Michael Fratantoni, MBA’s vice president of research and economics, said the rate increase was due to stronger economic data and uncertainty about the impact of the Federal Reserve’s latest purchase of Treasury securities. Because of the increase in mortgage rates, the Refinance Index dropped 16.5 percent and the Purchase Index was down 5.0 percent. More here and here.