Fewer prospective borrowers applied for a mortgage last week, though purchase-money activity has strengthened over the past year. Government share was more narrow.

A seasonally adjusted 3 percent decline from the week that included the Martin Luther King Jr. holiday was recorded for the Market Composite Index for the seven days ended Jan. 26.

The index, which is a measure of retail residential loan application volume, rose 12 percent from the week ended Jan. 19 when seasonal factors are ignored.

Source: Mortgage Daily