Mortgage applications decreased 3.2% from a week ago on a seasonally adjusted basis for the week ended Jan. 27, the Mortgage Bankers Association reported, citing its latest weekly mortgage application survey.
The association noted that the previous week's results included an adjustment for the Martin Luther King Jr. Day holiday.
On a seasonally unadjusted basis, the market composite index, which measures mortgage application volume, increased 11% compared to the previous week.
The seasonally adjusted purchase index decreased 6% from the previous week. The unadjusted purchase index rose 12% compared to the previous week and was 2% higher than the year-ago level for the same week.
The refinance index decreased 1% from the previous week.
The refinance share of mortgage activity decreased to 49.4% of total applications from 50% in the previous week. Adjustable-rate mortgage activity comprised 6.4% of total applications, marking an increase from the previous week.