According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.12 percent last week from 4.18 percent the week before. The drop brought rates to their lowest level this year. The average 30-year rate for jumbo loans also hit a new low for 2011, decreasing to 4.47 percent last week. The decline in rates led to a 4.1 percent increase in the Market Composite Index, which measures total loan application volume. The Refinance Index was up 9.3 percent and the refinance share of mortgage activity rose to 79.7 percent from 76.0 percent the previous week. More here.