The Mortgage Bankers Association’s Weekly Applications Survey shows a 1.3 percent increase in mortgage loan applications last week. Also, the seasonally adjusted purchase index jumped 6.8 percent and is at the highest level since last October. Michael Fratantoni, MBA’s Vice President of Research and Economics, said the increases may be due to buyers hoping to capitalize on the home buyer tax credit before it expires at the end of next month. The average contract interest rate for 30-year fixed-rate mortgages also moved up to 5.04 percent from 5.01. More here and here.