After five consecutive weeks of declines, the average contract interest rate for 30-year fixed-rate mortgages moved up last week from the week before. According to the Mortgage Bankers Association’s Weekly Application Survey – which covers 75 percent of all U.S. retail residential mortgage applications – rates rose on conforming loan balances, jumbo loans, and mortgages backed by the FHA. The rate increase coincided with a 4.1 percent drop in total mortgage application volume, due in part to a 6 percent decrease in the Purchase Index, which hit its lowest level in three years. The Refinance Index also fell, dropping 3 percent from the previous week and bringing the refinance share of total mortgage activity down to 61 percent from 62 percent the week before. The Mortgage Bankers Association’s survey has been conducted weekly since 1990. More here.