WASHINGTON – Fixed mortgage rates dipped to all-time lows while the refinance index reached its highest level in eight months for the week ended July 19, according to the Mortgage Bankers Association of America's weekly survey. The market composite index of mortgage loan applications increased 12.9% to 815.2 from 722.2 the previous week. The MBA said that was the highest level of the market composite index since the week ended Nov. 23, 2001. On an unadjusted basis, the application index increased 12.2% and was up 58.1% compared with the same week in 2001. Refinancing activity represented 61.2% of total applications, up from 53.4% the previous week. The average interest rate for 30-year fixed rate mortgages was 6.26%, down from 6.31% the previous week. That was a new record low for the 30-year fixed rate, said the MBA. The average interest rate for 15-year fixed rate mortgages was 5.7%, decreasing from 5.75 the week before.