MBA Applications Flat.

MBA Mortgage Applications (week ended 1/23/2014)

– Purchase Index Week/Week -0.1%. Previous weeks were -3.0%, +24.0%, -5.0%, +1.0%, -7.0%, +1.0%, +3.0%, -10.0%, +12.0%, +1.0%, +3.0%, and -5.0%.

– Refinance Index Week/Week -5.0%. Previous weeks were +22.0%. +66.0%, -12.0%, +1.0%, +0.0%, +13.0%, -13%, -4.0%, -6.0%, -11.0% and -6.0%.

– Composite Index Week/Week -3.2%. Previous weeks were +14.2%, +49.1%, -9.1%, +0.9%, -3.3%, +7.3%, -7.3%, -4.3%, +4.9%, -0.9%, and -2.6%.

Refinance activity, while flat last week, has picked up considerably as rates dropped.