Mortgage applications dropped after staying relatively stable last week, falling 4.7% from a week earlier, the Mortgage Bankers Association said.

Furthermore, the refinance index decreased 4% and the purchase index also declined 5% from the prior week.

As a whole, the refinance share of mortgage activity remained at 63% of total applications.

The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan ticked down to 4.56% from 4.61%.

Additionally, the 30-year, FRM jumbo dipped to 4.57% from 4.64% last week.

The average 30-year, FRM backed by the FHA decreased to 4.25% from 4.33%.

Meanwhile, the 15-year, FRM fell to 3.60% from 3.66%, and the 5/1 ARM sank to 3.36% from 3.39% a week ago.