Home Purchase applications fell almost 4% last week, while refinance applications increased almost 5%

The Market Composite Index, a measure of mortgage loan application volume, increased 2.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 47.5% compared with the previous week, which included the New Year's holiday.

The Refinance Index increased 4.9% from the previous week. The seasonally adjusted Purchase Index decreased 3.7% from one week earlier. The unadjusted Purchase Index increased 41.9% compared with the previous week and was 10.5% lower than the same week one year ago.   30-year mortgages are averaging 4.78 percent, down four basis points in the week.

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