Here's CNBC's Diana Olick on the Mortgage Bankers Assocation weekly applications survey:

Mortgage application volume decreased 2.4% last week from the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association.

Mortgage applications to purchase a home fell 5% from one week earlier but were 16% higher than the same week a year ago. Purchase applications are likely weaker due more to the lack of homes for sale than to any interest rate moves.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.79% from 3.83%, with points decreasing to 0.32 from 0.33 (including the origination fee) for 80% loan-to-value ratio loans.

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