This morning the Mortgage Bankers Association (MBA) published it’s weekly mortgage survey for the holiday-shortened week ended July 6. According to the MBA’s Market Composite Index, which is a measure of both home purchase and refinance activity, the mortgage applications volume declined 2.1% on a seasonally adjusted basis last week, compared to data from a week earlier.

While applications for home refinancing dropped 3.4%, the gauge of loan requests for home purchases increased 3.3% last week, the MBA said. The refinance share of total mortgage applications continued to tick down, falling to 77% from the previous 78%. Adjustable rate mortgage were responsible for 4.4% of all mortgage activity in the said period.

MBA’s mortgage survey has been conducted since 1990 on a weekly basis and covers more than 75% of all U.S. retail residential mortgage applications.

So far many homebuyers and refinancers took advantage of ultra-low mortgage rates, however, still a lot of prospective borrowers are waiting on the sidelines, as they are unable to meet tough lending requirements.

Borrowers who are in the market for an excellent home refinancing package, should take a look at Bank of America’s (NYSE:BAC) current mortgage rates. The Charlotte-based bank offers the benchmark 30-year FRM for as low as 3.750% plus an annual percentage rate of 3.899%. Others, who are more interested in a shorter-term fixed loan, may opt for the 15-year fixed rate package, which starts at 3.000% and amounts to an APR of 3.280%.

Adjustable rate mortgages at Bank of America remained unchanged on Wednesday, with the 7/1 ARM being offered at a rate of 2.750% and an APR sum of 3.270%. The 5/1 adjustable rate deal looks like a loan not to be missed on, as it has an opening rate of 2.500% and an APR variable of 3.225%.

Mortgage loan rates at Chase (NYSE:JPM) are a bit higher today as far as fixed rate packages are concerned. The standard 30-year fixed refinance loan is on the books at 3.750% with an APR amounting to 3.821%. That’s just a tad higher than yesterday’s starting rate of 3.625%. On the other hand, the 15-year edged up to 3.000% and carries an APR figure of 3.107% as of Wednesday.

Switching to more flexible options, Chase’s 7/1 adjustable rate mortgage now demands 2.625% in interest and holds an annual percentage rate of 3.089%. The shorter, 5/1 ARM package had a slight upward movement today, as it’s up for grabs at a rate of 2.500% and bears an APR variable of 3.104%.

Branch Banking and Trust (NYSE:BBT) has been offering several outstanding refinance mortgage packages for potential borrowers for quite some time now. Today, those who head over to this lender, will see the 30-year fixed rate mortgage being advertised at a rate of 3.500% which holds an APR of 3.606%. That’s down from Tuesday’s opening rate of 3.625%. Regarding the popular 15-year fixed deal, it can be secured at a daily low of 3.000% plus an APR sum of 3.116%.

Checking other home refinancing options, the rate on BB&T Bank’s 30-year fixed FHA package remained firm today, as it can be locked in for as low as 3.250% and an annual percentage rate of 3.466%.