Mortgage applications rise 4.4 percent in latest survey as rates drop to lowest level since November 2016

The Market Composite Index increased 4.4 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 1 percent and refinances rising 11 percent.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to its lowest level since November 2016, 4.17 percent.