According to The Mortgage Bankers Association’s Weekly Applications Survey, mortgage applications rose 15.5 percent last week, reaching the highest level in three months. The Refinance Index was up 17.2 percent from the previous week and the Purchase Index increased 12.5 percent. Michael Fratantoni, MBA’s vice president of research and economics, said, on an unadjusted basis, purchase application activity was at the highest level since last May. Fratantoni credited an improving job market and low interest rates for the jump. The average contract interest rate for a 30-year fixed-rate mortgage was at 4.93 percent last week, up from 4.84 percent the week before. More here and here.