According to The Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage loan application volume, was up 13.2 percent last week from the week before. The Refinance Index increased 17.8 percent and the Purchase Index rose 5.1 percent. Michael Fratantoni, MBA’s vice president of research and economics, said application activity was up due to a drop in interest rates. The average contract interest rate for 30-year fixed-rate mortgages fell to 5.0 percent from 5.12 percent a week earlier. More here.