According to The Mortgage Bankers Association’s Weekly Applications Survey, demand for purchase and refinancing loans both fell last week. The Market Composite Index, which measures total loan application volume, decreased 9.6 percent on a seasonally adjusted basis from a week earlier. Mike Fratantoni, MBA’s Vice President of Research and Economics, said an increase in FHA mortgage insurance premiums caused the drop, which brought loan demand to its lowest level since the week ending January 1. The average contract interest rate for 30-year fixed-rate mortgages also fell, from 5.31 the previous week, to 5.17 last week. More here.