Mortgage applications stayed relatively unchanged this past week, falling only 0.4% from a week earlier, the Mortgage Bankers Association said.
Still, the refinance index continued to rise, growing 3% from the previous report.
Meanwhile, the purchase index dropped 6% from a week earlier, after rising 5%.
Overall, the refinance share of mortgage activity slightly increased to 63% of total applications.
The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan limit fell to 4.49%, the lowest rate since June 2013, and down from 4.62%.
In addition, the 30-year, FRM jumbo declined to 4.53% from 4.66%.
The average 30-year, FRM backed by the FHA decreased to 4.21% from 4.32%, and the 15-year, FRM dropped to 3.55% from 3.68%. All of the fixed-rate mortgages fell to three-month lows.
The 5/1 ARM also dipped to 3.26% from 3.39% a week earlier.