There were more people in the mortgage market last week than during the shortened King holiday week even as rates ticked up slightly, the Mortgage Bankers Association said in its regular Wednesday report. Still, the market remained flat to down.

The MBA's Market Composite Index rose 11.3% on a seasonally adjusted basis from a week earlier, which was not adjusted for the King holiday. On an unadjusted basis, the index increased 13.2% compared with the previous week.

The seasonally adjusted Purchase Index was up 9.5% from the prior week; unadjusted, it rose 16.7%. Still, it was 21.4% lower than the same week one year ago.

The Refinance Index increased 11.7 percent from the previous week.

"Applications increased this week relative to the holiday week," said Michael Fratantoni, MBA's Vice President of Research and Economics. "Looking over the past two weeks, purchase applications are flat, and refinance applications are down about five percent."

The four week moving average for the seasonally adjusted Market Index is up 1.0%, down 1.5% for the seasonally adjusted Purchase Index and up 1.7% for the Refinance Index.

The refinance share decreased to 69.3% from 70.3% the previous week, the lowest observed since the week ending May 14, 2010. The adjustable-rate mortgage (ARM) share of activity increased to 5.5% from 5.2%.

The average rate for 30-year fixed-rate mortgages increased to 4.81% from 4.80%, with points decreasing to 1.02 from 1.19. The rate for 15-year fixed-rate mortgages increased to 4.13% from 4.12%, with points decreasing to 1.01 from 1.26.