Applications for purchase loans increased a seasonally adjusted 2 percent for the week ending Jan. 24 compared to a week earlier, but were down 12 percent on an annual basis, according to the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

During the same period, refinance applications fell 2 percent, according to the MBA.

The MBA also reported that the average rate for a 30-year fixed-rate mortgage with a balance of $417,000 or less decreased to 4.52 percent from 4.57 percent a week earlier.

Source: MBA