According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.54 percent last week from 4.58 percent the week before. This is the lowest 30-year contract rate since November 19, 2010. The drop in rates fueled a 1.3 percent increase in the Refinance Index, while the Purchase Index decreased 4.4 percent from the previous week. The Market Composite Index, which measures total loan application demand, was down just 0.4 percent with an adjustment for the Memorial Day holiday. More here and here.