According to The Mortgage Bankers Association’s Weekly Applications Survey, the seasonally adjusted Purchase Index jumped 6.7 percent last week, reaching its highest level this year. Despite the spike in purchase activity, the Market Composite Index, which measures total loan application volume, was down 2.0 percent, due to a 6.2 percent drop in the Refinance Index. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.93 percent from 4.92 percent the week before. More here and here.