According to The Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage applications to purchase homes rose 1.5 percent from the week before. The average contract interest rate for 30-year fixed-rate mortgages fell to 4.60 percent, leading to a 1.3 percent bump in the Refinance Index. With rates hovering near record lows, refinancing activity has been up in five of the last eight weeks. More here and here.