According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week, with rates seeing little change for 30-year fixed-rate loans with both conforming and jumbo balances. Rates were also flat for 15-year fixed-rate loans, though they fell for mortgages backed by the Federal Housing Administration. Overall, rates are hovering just above historic lows and it’s helped boost mortgage demand. In fact, refinance activity is up 146 percent from last year and demand for loans to buy homes is up 5 percent. Joel Kan, MBA’s associate vice president of economic and industry forecasting, says favorable conditions should lead to more improvement in the coming months. “The November jobs data showed increased payroll gains and low unemployment, which means conditions remain favorable for steady purchase growth in the coming months,” Kan said. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.