According to data from the Mortgage Bankers Association (MBA), mortgage applications deceased 2.6 percent from the prior week ending in Jan. 29, which included an adjustment for the Martin Luther King holiday.

Mortgage Rates Are Decreasing

According to the MBA, refinancing remained the majority of mortgage activity:

•The refinance share of mortgage activity increased to 59.2 percent of total applications from 59.0 percent from the week prior.

•Meanwhile, the adjustable-rate mortgage (ARM) decreased to 5.9 percent of total applications.

Interest Rates Are Decreasing Steadily

The MBA reported that interest rates for various types of loans decreased:

•The average interest rate for 30-year-fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased from 4.02 to 3.97 percent, its lowest level since Oct. 2015.

•The average rate for 5/1 ARMs decreased from 3.09 percent to 3.00 percent.

•The average interest rate for 30-year, fixed-rate mortgages backed by the FHA decreased from 3.83 percent to 3.80 percent.

•For 15-year, fixed-rate mortgages, rates decreased from 3.28 percent to 3.22 percent.

•The average interest rate for 30-year, fixed rate mortgages with jumbo loan balances (greater than $417,000) decreased for the fourth straight week from 3.89 percent to 3.84 percent, its lowest rate since April 2015.