On a seasonally adjusted basis, brokers and lenders reported less mortgage application activity during the week ending January 20, according to the Mortgage Bankers Association.

The industry group's Weekly Mortgage Application Survey showed that mortgage application activity declined by 5 percent as fewer borrowers attempted to qualify for a mortgage or refinance their current home loan.

Meanwhile, the MBA's Purchase Index fell by 5.4 percent, while the Market Index dipped 4.12 percent.

Additionally, a small share of refinancing requests made up total application activity during the week. According to the survey refinancing activity accounted for 81.3 percent of mortgage applications - down from 82.2 percent the previous week.

Specifically, 56.6 percent of refinancing borrowers requested a 30-year fixed-rate mortgage, while 24.3 percent applied for 15-year FRMs. In addition, another 5.3 percent were for various adjustable-rate mortgages.     

Mortgage rates also saw notable changes during the week as the average rate for a 30-year FRM with a conforming loan balance edged higher to 4.11 percent. Meanwhile, the rate for a 30-year FRM jumbo loan averaged 4.39 percent after a marginal decrease.