Mortgage application volume grew 3.4% in the week ended Feb. 1, as refinances rose 4% and purchases gained 2%, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.

The results included an adjustment for the Martin Luther King holiday.

Refinances dipped to 78 percent of volume from 79% the week before, its lowest level since early July, while adjustable-rate mortgages remained 4% of total applications.

The average contract 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) rate grew to 3.73% from 3.67%, while the average 15-year fixed-rate mortgage rate climbed to 3.00% from 2.95%.

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