Mortgage application activity declined 10.9% on a seasonally adjusted basis for the week ending Jan. 22 despite mortgage rates dipping to 4.99% from 5.06% based on Freddie Mac's survey. 

According to the Mortgage Bankers Association (MBA), the Refinance Index dropped 15.1% to ~2263, while the refi share as a percent of total applications fell to 67.6% from 71.7%.

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