The Mortgage Bankers Association (MBA) released its most recent report on mortgage applications Wednesday morning. It noted a decrease of 9.1% in the group’s seasonally adjusted composite index for the two-week period ending January 2, following a rise of 0.9% for the week ending December 19. The group did not publish a report last week, and the new report includes adjustments for both the Christmas and New Year holidays. Mortgage loan rates declined on all types of loans during the period.

On an unadjusted basis, the composite index decreased by 37% week-over-week. The seasonally adjusted purchase index decreased 5%, compared to the week ended December 19. The unadjusted purchase index fell by 33% for the week and remains 8% lower year-over-year.

Adjustable rate mortgage loans accounted for 4.9% of all applications, down from 6.5% in the prior week.

The MBA’s refinance index dropped 12% week-over-week, and the percentage of all new applications that were seeking refinancing rose from 63% in the prior week to 65%.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.04% to 4.01%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 4.05% to 3.99%. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.32% to 3.22%.

The contract interest rate for a 5/1 adjustable rate mortgage loan decreased from 3.26% to 3.19%. Rates on a 30-year FHA-backed fixed rate loan fell from 3.82% to 3.81%.

Interest rates were compared to rates for the prior week only, not calculated on a two-week basis as index scores were.

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