According to The Mortgage Bankers Association’s Weekly Applications Survey, total mortgage loan application volume increased 13 percent last week due to a 17.1 percent jump in the Refinance Index. Refinance activity was at its highest level since May 2009. The Purchase Index fell 3.4 percent, despite mortgage rates near record lows. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.60 percent from 4.57 the week before. More here and here.