The Mortgage Bankers Association said mortgage activity fell 1.2 percent in the week ending Friday.
In the same week, the MBA's index for refinancing activity dropped 1 percent.
The organization said average interest rates for standard 30-year, fixed-rate conforming loans fell from 4.68 percent to 4.58 percent with average points for 30-year, fixed rate loans dropping from 0.42 to 0.4.
For loans of more than $417,500, called jumbo loans, rates fell from 4.81 percent to 4.66 percent. Points for long-term jumbo loans rose from 0.4 to 0.41.
Average rates for 30-year, fixed rate contracts backed by the Federal Housing Administration fell from 4.38 percent to 4.28 percent with points rising from 0.22 to 0.33.
The average interest rate for 15-year, fixed-rate mortgages decreased from 3.7 percent to 3.63 percent. Points declined from 0.38 to 0.35 in the week.
For short-term, adjustable-rate contracts, interest rates fell from 3.39 percent to 3.3 percent with points dropping from 0.37 to 0.34.
Notable deaths of 2014 [PHOTOS]