According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 4.18 percent last week from 4.24 percent the week before. The 30-year rate for jumbo loan balances dropped to 4.49 percent from 4.53 percent the previous week. Despite the decreases, the Market Composite Index, which measures total mortgage loan application volume, was down 4.3 percent. Mike Fratantoni, MBA’s vice president of research and economics, said potential borrowers largely remained on the sidelines, despite the lowest mortgage rates since the 1940s. The refinance share of mortgage activity was 79.1 percent of total applications. More here.