The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, decreased last week to 6.67% from 6.73%. Applications to refinance a home loan, which are most influenced by weekly rate changes, increased 16% from the previous week and were 90% higher than the same week one year ago. Applications for a mortgage to purchase a home rose 7% for the week and were 4% higher than the same week one year ago. (CNBC)
