Applications for home loans fell last week despite the lowest mortgage rates in decades.

The Mortgage Bankers Association says overall applications fell 4.4 percent from a week earlier. Applications to refinance home loans dropped 5.9 percent. Those taken out to purchase homes rose two percent.

Mortgage rates have been at or near record lows since mid-April. Concerns about European debt problems have prompted investors to buy U.S. Treasury bonds. That has lowered the yield on Treasurys. Mortgage rates tend to track that yield.

The average rate for a 30-year fixed loan rose to 4.69 percent last week from 4.59 percent a week earlier, according to the trade group's report. The rate for a 15-year fixed loan rose to 4.12 percent from 4.05 percent a week earlier.

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