Demand for mortgage applications remained at their highest level in more than five years last week, as borrowers took advantage of record low loan rates to refinance their home loans said an industry group last Wednesday.

The Mortgage Bankers Association’s weekly application index was almost unchanged for the week ending Dec. 26. The index came in at 1245.7 from 1245.4 the previous week. Applications swelled earlier last month to the highest level since July 2003, when refinancing activity rose at the peak of the housing market. The refinancing index had surged by nearly 63% in the prior week, also to the highest level since July 2003.

More than 80 percent of applications came from borrowers hunting for more affordable rates to refinance existing mortgage, the trade group said. Refinance volume dipped by 0.4 percent, while purchase volume increased 1.4 percent. The application index is still below its highest of 1,856.7, during May 2003, the peak of the housing boom.

The survey provides a picture of mortgage lending activity involving mortgage players particularly, mortgage bankers, commercial banks and thrifts. It includes about half of all new residential mortgage loans each week.

An index value of 100 is equal to the application volume on March 16, 1990, the first time the industry association started tracking application volume.