According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to its lowest level since November 2013 last week. Interest rates were down for FHA-backed loans and 15-year fixed-rate mortgages as well, while rates for jumbo loans remained unchanged from the week before. Falling mortgage rates led to an increase in refinance activity, with the Refinance Index increasing 7 percent from the previous week. The surge in refinance demand also brought the refinance share of total mortgage activity back up to 50 percent. The seasonally adjusted Purchase Index, on the other hand, fell 1 percent from the week before. The drop in mortgage rates marks the third consecutive week rates have fallen. The MBA’s survey has been conducted weekly since 1990 and covers 75 percent of all retail residential mortgage applications. More here.