Mortgage applications witnessed another quiet week, with filings slipping a meager 0.2% from a week earlier, the Mortgage Bankers Association said.
The trade association noted that the adjustments account for the Martin Luther King, Jr. holiday.
The refinance index dropped 2% from a week earlier, compared to the purchase index which increased 2%.
As a whole, the refinance share of mortgage activity decreased to 62% of total applications from 64% last week: the lowest level since September 2013.
The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan balance fell to 4.52% from 4.57%, which is the lowest rate since the week ending Nov. 29, 2013.
Meanwhile, the average contract interest rate for a 30-year, FRM with a jumbo loan balance fell to 4.47% from 4.57%.
The average contract interest rate for the 30-year, FRM backed by the FHA decreased to 4.18%, while the average 15-year, FRM declined to 3.59%, from 3.68 percent, and the 5/1 ARMs increased to 3.25% from 3.23%.