According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.51 percent last week from 4.54 percent the week before. The drop in rates fueled a 13.0 percent surge in the Market Composite Index, which measures total mortgage loan application volume. The Refinance Index was up 16.5 percent from the previous week and the Purchase Index was up 4.5 percent. Michael Fratantoni, MBA’s vice president of research and economics, said mortgage rates have declined for eight of the past nine weeks, which has boosted refinance application volume. More here.