In the final week of the home buyer tax credit, demand for loan applications jumped 13 percent to a seven-month high. According to The Mortgage Bankers Association’s Weekly Applications Survey, purchase applications were up for the third consecutive week, rising almost 24 percent over the month before. Also, the average contract interest rate for 30-year fixed-rate mortgages fell to 5.02 percent, the lowest rate since mid-March. More here and here.