Applications for purchase loans dropped a seasonally adjusted 1 percent for the week ending Jan. 3 compared to the week before, and were down 20 percent on an annual basis, according to the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications survey.

Last week’s results include an adjustment to account for the New Year’s Day holiday, and results from the week before were adjusted for the Christmas holiday.

The average interest rate for a 30-year fixed-rate conforming mortgage with a balance of $417,000 or less was 4.72 percent that week, unchanged from a week earlier, according to the MBA.

Source: Mortgage Bankers Association

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