According to The Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage loan application volume, fell 6.7 percent last week from the week before. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.98 percent from 4.93, which lead to a 7.7 percent drop in the Refinance Index. The seasonally adjusted Purchase Index also fell, sliding 4.7 percent from one week earlier. More here and here.