According to the Mortgage Bankers Association’s Weekly Applications Survey, the seasonally adjusted Purchase Index was up 8.1 percent last week from the previous week. The Refinance Index also rose, climbing 3.3 percent from a week earlier. Total mortgage loan application volume increased 4.5 percent with an adjustment to account for the New Year’s Day holiday. Refinance activity still dominates mortgage loan demand, accounting for 80.8 percent of total applications. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.11 percent from 4.07 percent the week before. The average 30-year rate for jumbo loans dropped to 4.34 percent from 4.41 percent the previous week. More here.