According to The Mortgage Bankers Association’s Weekly Application Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.47 percent last week from 4.50 percent the week before. That is just 0.04 percent above the lowest rates ever recorded in the survey’s history. John Walsh, president of Total Mortgage, said rates this low won’t come around again and feels people should take advantage of the opportunity. Still the Market Composite Index, which measures total loan activity, fell 8.9 percent after an adjustment for the Labor Day holiday. The Purchase Index was down just 0.4 percent from a week earlier. More here and here.