According to The Mortgage Bankers Association’s Weekly Applications Survey, total mortgage loan application volume fell last week, as the average contract interest rate for 30-year fixed-rate mortgages rose from 4.84 percent to 4.85 percent. The Purchase Index was down 2.5 percent from a week earlier while the Refinance Index fell 24.6 percent. Michael Fratantoni, MBA’s vice president of research and economics, said refinance activity continues to fall with rates near six-month highs while purchase applications, though down for a second week, remain little changed over the past month. The Purchase Index’s four-week average is down just 1.2 percent. More here and here.