According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for a 30-year, fixed-rate mortgage spiked last week following consecutive weeks of decline. The increase slowed total mortgage application demand by 1.8 percent. Refinance activity was down 2 percent from one week earlier, but as a share of total mortgage loan volume remained steady. Also, the purchase index, which measures demand for loans to purchase homes, fell 1 percent. The MBA’s survey covers 75 percent of residential mortgage applications and has been conducted since 1990. More here.