According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages increased to 5.31 percent last week from 5.04 percent the week before. Michael Frantantoni, MBA’s Vice President of Research and Economics, said rates jumped to their highest level since August 2009 as the Federal Reserve completed their purchases of mortgage-backed securities. Despite the rate increase, the seasonally adjusted Purchase Index was steady, likely based on home buyers hoping to take advantage of tax credits expiring at the end of the month. More here and here.