Mortgage application volume decreased 1.6% on an adjusted basis during the week ended May 22, compared to the previous week, according to the Mortgage Bankers Association's (MBA) Mortgage Applications Survey.
On an unadjusted basis, volume fell 2% compared with the previous week.
Applications for refinances fell 4% while applications for purchases increased 1%.
On an unadjusted basis, purchase volume was essentially flat compared with the previous week and was 14% higher than the same week one year ago.
The refinance share of mortgage activity decreased to 51% of total applications from 52% the previous week.
The dip in volume came as rates edged up. The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.07%, up from 4.04% the previous week.
The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.06%, up from 4.04%.
The average rate for a 30-year FRM backed by the Federal Housing Administration was 3.83%, up from 3.80%.
The average rate for a 15-year FRM was 3.29%, up from 3.26%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.04%, up from 2.99%.
The ARM share of activity remained unchanged at 6.4% of total applications.
All rates are based on closings.