According to The Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage application volume, rose 4.9 percent last week. The increase was the result of another boost in refinance activity as the average contract interest rate for a 30-year fixed-rate mortgage fell from 4.60 percent to 4.55 percent, a new record low. Michael Fratantoni, MBA’s vice president of research and economics, said refi applications were up 26 percent over their level four weeks ago and set a 15-month high for the Refinance Index. More here and here.