Mortgage applications fell last week

The housing market continues to struggle as the sector sheds foreclosures and prices bottom out. 

The four-week moving average, which is less volatile than the weekly figure, showed home loan applications were down 2.4 percent, while purchase applications dropped 0.8 percent and refinancing decreased 3.2 percent. 

The refinance share of mortgage activity increased to 61.6 percent of total applications, the highest refinance share of the month, from 58.5 percent the previous week, the lowest refinance share since May 7, 2010. 

The interest rate for 30-year fixed-rate mortgages decreased to 4.80 percent from 4.83 percent, while 15-year fixed-rate mortgages decreased to 4.03 percent from 4.07 percent.