Mortgage applications declined 2.5 percent last week on a seasonally adjusted basis compared to the previous week. On an unadjusted basis, they were down 3.3 percent, according to the weekly survey by the Mortgage Bankers Association.

Most of the decline was in purchases, which slipped 4.7 percent. The association’s purchase index has declined for six consecutive weeks and is at its lowest level since November 1997. On an unadjusted basis, the purchase index decreased 7.9 percent compared to the previous week and was down 14.7 percent from the same week a year ago.

Refinances represented 72.9 percent of total applications, the highest share since May 15, 2009.

Mortgage rates continued to decrease:

• 30-year fixed-rate mortgages decreased to 4.83 percent from 4.90 percent;
• 15-year fixed-rate mortgages decreased to 4.32 percent from 4.33 percent;
• 1-year ARMs decreased to 6.82 percent from 6.85 percent.

Source: Mortgage Bankers Association