Mortgage application volume declined 2.2 percent last week on a seasonally adjusted basis after rising for four straight weeks, according to the Mortgage Bankers Association.

On an unadjusted basis, the index decreased 3.1 percent compared with the previous week, but it was up 22.7 percent compared with the same week a year ago.

Both refinances and purchases were down slightly from the previous week. The only application segment to rise was government-backed loans, which rose 0.5 percent.

Mortgage interest rates actually decreased for the week:

• 30-year fixed-rate mortgages decreased to 5.15 percent from 5.24 percent;
• 15-year fixed-rate mortgages decreased to 4.57 percent from 4.58 percent;
• 1-year ARMs decreased to 6.71 percent from 6.74 percent.

Source: Mortgage Bankers Association