According toÂ the Mortgage Bankers Associationâ€™s Weekly Applications Survey, mortgageÂ applicationsÂ decreased 4.5 percent last week from the week before. Despite the decline, the Market Composite Index, which measures mortgage applications volume, is relatively flat over the past four weeks due to previous spikes in purchase andÂ refinanceÂ activity. Last week, both the Refinance and Purchase Index were down, primarily due to a slight uptick in mortgage rates. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances moved to 4.09 percent from 4.08 percent the previous week. The average rate for 30-year jumbo loans increased to 4.32 percent. MoreÂ here.