Mortgage activity fell 21.6 percent from the week ending Dec. 14 to the week ending Dec. 28, the association said. Refinancing activity dropped 23.3 percent over the same period.
For the week ending Friday, interest rates for 30-year, fixed-rate conforming mortgages rose from 3.51 percent to 3.52 percent. Points for 30-year conforming loans rose from 0.45 to 0.48.
The average interest rate for 30-year contracts on jumbo loans -- those larger than $417,500 -- fell from 3.77 percent to 3.75 percent, matching an all-time low for the survey. Points for 30-year jumbo loans fell from 0.32 to 0.3.
Interest rates for 15-year, fixed-rate mortgages rose from 2.84 percent to 2.86 percent with points rising from 0.21 to 0.27.
The average rate for 30-year loans backed by the Federal Housing Administration fell from 3.35 percent to 3.34 percent with points rising from 0.58 to 0.61. Average rate for short-term, adjustable-rate mortgages fell from 2.66 percent to 2.65 percent in the week with points rising from 0.33 to 0.42, the MBA said.
Notable deaths of 2014 [PHOTOS]