Mortgage application volume fell 12.9 percent on a seasonally adjusted basis last week, according to the latest weekly survey released today by the Mortgage Bankers Association.

The refinance index plummeted 15.3 percent from one week earlier to reach its lowest point since January 2010.

Seasonally adjusted purchase mortgage volume actually jumped 8.7 percent compared to one week earlier, but remains at its lowest level since October.

The bump could be attributed to consumers getting out of the holiday funk and back into the market again.

The refinance share of mortgage activity now accounts for just 70.3 percent of applications, down from 73.0 percent one week prior.

Meanwhile, the popular 30-year fixed-rate mortgage averaged 4.80 percent, up from 4.77 percent a week earlier, its first weekly increase following three consecutive declines.

The 15-year fixed fell to 4.12 percent from 4.16 percent, and the group no longer tracks the one-year adjustable-rate mortgage, which fell out of favor with homeowners long ago.

The mortgage rates above are good for mortgages at 80 percent loan-to-value – but pricing adjustments can lower or raise your actual interest rate.

Keep in mind the MBA’s weekly survey covers more than half of all retail, residential loan applications, but does not factor out duplicate or rejected apps, which have surely risen since the mortgage crisis got underway a few years back.