According to The Mortgage Bankers Association’s Weekly Applications Survey, mortgage loan application volume decreased 0.7 percent last week, following a 15 percent increase the week before. The seasonally adjusted Purchase Index was down 4.0 percent while the Refinance Index moved up 0.9 percent from the previous week. Still, the four week moving average for the Market Index, which measures total loan application volume, is up 4.9 percent. The average contract interest rate for 30-year fixed-rate mortgages fell to 4.79 percent from 4.93 percent the week before. More here.