Mortgage applications dipped slightly for the week ending May 23 compared with the previous week, according to a report released Wednesday from the Mortgage Bankers Association.

The association's seasonally adjusted weekly mortgage application index fell by 1.2%, after climbing for three consecutive weeks. The decrease was driven by drops of 1% each in the component indexes measuring requests for home purchase loans and refinances. The unadjusted version of the purchase index was down 15% from a year earlier.

Interest rates for 30-year fixed mortgages fell to their lowest levels since June 2013. The average rate for home loans under $417,000 fell by 2 basis points to 4.31%, while rates for jumbo loans decreased by 1 basis point to 4.23%. Rates for Federal Housing Administration-backed mortgages were down 2 basis points to 4.04%.

The MBA report also showed a drop in rates for 15-year fixed-rate loans, which fell by 1 basis point to 3.42%. Starting rates for 5/1 adjustable-rate mortgages decreased by one basis point to 3.13% from last week.

The total shares for refinance and adjustable-rate mortgage activity remained unchanged from the previous week, at 52% and 8%, respectively.

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