According to The Mortgage Bankers Association’s Weekly Mortgage Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 5.12 percent from 5.13 percent the week before. With rates remaining above 5 percent, refinance and purchase activity were both down. The Refinance Index dropped 11.4 percent from the previous week and the Purchase Index decreased 5.9 percent. More here and here.