Summary Box: Mortgage applications fall despite best rates in decades

Summary Box: Home loan applications down

MORTGAGE APPLICATIONS FALL: Applications for home loans dipped nearly 3 percent last week even though consumers were able to refinance at the lowest rates in decades, according to the Mortgage Bankers Association.

REFINANCING, PURCHASES BOTH DROP: Applications to refinance home loans were down 2.9 percent. Applications taken out to purchase homes fell 3.1 percent.

MOST LOANS FOR REFINANCING: Applications to refinance loans made up nearly 79 percent of total applications.