The association said its refinancing activity index for the week ending Friday dropped 3 percent compared to the previous week.
Interest rates for 30-year, fixed-rate conforming mortgages fell from 3.78 percent to 3.77 percent during the week. Points for 30-year conforming loans rose from 0.4 to 0.48.
The average interest rate for 30-year contracts on jumbo loans -- larger than $417,500 -- decreased from 3.94 percent to 3.93 percent. Points for 30-year jumbo loans fell from 0.4 to 0.37.
Interest rates for 15-year, fixed-rate mortgages was unchanged at 3 percent to 3.03 percent, with points falling from 0.38 to 0.34.
The average rate for 30-year loans backed by the Federal Housing Administration was unchanged at 3.54 percent, with points rising from 0.4 to 0.41. The average rate for short-term, adjustable-rate mortgages fell from 2.66 percent to 2.65 percent in the week, with points rising from 0.32 to 0.36, the MBA said.
Martin Bashir resigns from MSNBC over Sarah Palin comments
Exploding whale video goes viral on Internet