The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.

"Remarkably low rates are not enough, as many homeowners continue to hold back due to lack of equity in their properties, poor credit and a weak job market," Michael Fratantoni, MBA's vice president of research and economics, said in a statement.

NEW YORK (Reuters) – Applications for home mortgages slipped last week, led by a drop in purchase demand as low interest rates were not enough to entice home buyers, an industry group said on Wednesday.

The refinance share of total mortgage activity rose to 80.7 percent of applications from 79.7 percent the previous week.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 2.6 percent in the week ended Dec 16.

Fixed 30-year mortgage rates averaged 4.08 percent, down 4 basis points from 4.12 percent the week before. It was the lowest rate this year, the MBA said.

The MBA's seasonally adjusted index of refinancing applications dipped 1.6 percent, while the gauge of loan requests for home purchases lost 4.9 percent.

Us Rating: *** 1/2

This Golden Globe–nominated drama is cold-blooded, cynical - and utterly captivating. George Clooney plays a presidential candidate, while Ryan Gosling takes the lead as his confident press secretary. But when the young pro uncovers a sex scandal involving an intern (Evan Rachel Wood), his political perch crumbles. The film delivers with crisp dialogue, simmering tension and top-shelf acting. Just wait until the two boldly face off in a desolate tavern kitchen! (Sony, $31)

PHOTOS: Disney stars through the years

PHOTOS: Demi through the years

Is Demi Lovato getting married soon?

Lovato and Thornton, 25, costarred on Sonny with a Chance from 2009 to 2011; Thornton now stars in Sonny's spinoff So Random! (Sonny was cancelled in Jan. 2011 after Lovato quit the show following a stint in rehab for emotional and physical issues.)

After Lovato checked out of a treatment facility in late January, sources told Us Weekly she reunited with Valderrama, 31, on several occasions.

PHOTOS: Celebrity bridesmaids

According to wedding superstition, she might be! The 19-year-old caught the bouquet on Saturday at Disney star Tiffany Thornton's nuptials to Christopher Carney.

"Such a beautiful day," Lovato tweeted. "Congrats to the new Mr. and Mrs Chris Carney!"

"P.S. Guess who got the bouquet?" she added. "ME!"

But she hasn't been holding on the idea of getting back with Valderrama: she's been romantically linked to Ryan Phillippe, 37, although an insider told Us the duo "were just hooking up" and "it was nothing serious."

About 11,000 students are enrolled in the schools, which offer regular high school degrees in a college prep curriculum and training in dozens of technical and vocational fields. State figures show at least one teen from every city and town in Connecticut attends one of the regional technical high schools.

The group is holding a public hearing on Dec. 13 at the state Legislative Office Building in Hartford to get opinions from students, parents and anyone else with an interest in the schools.

The General Assembly created the task force earlier this year, and it must report its recommendations before the 2012 legislative session starts in February.

Purchase info: Buy it here.

Want to spice up your wardrobe for as little cash as possible this season?

Recessionista: Cut It Out

Us has collected our favorite stylish steals worn by celebs including Vanessa Hudgens, Fergie and Eva Longoria Parker.

Check out the photo gallery here!

Photos: Courtesy of Cushnie et Ochs

Giving up creative control is tough for any designer, but for her lookbooks, designer Araks Yeramyan of Araks hands off the reins. For the second season in a row, Yeramyan has commissioned friends and well-wishers of her brand to shoot her wares however they want. She sent a small group of collaborators—including Richard Chai, filmmaker Gia Coppola, and model Coco Young—each a camera and two sets of her feminine lingerie. (The results are varied. Chai shot a curly-haired model leaping in midair; Coppola shot hers lounging on a furry shag rug.) “We get the pictures back and don’t alter them before sending to print,” the designer told Style.com. “So you really just have to hope for the best.” To up the ante this time around, Yeramyan included people who weren’t necessarily within her immediate circle of friends. “I always have to push myself a little further,” she explained. “I went on instinct. Some of the contributors didn’t really have the same aesthetic as me, but I still admire their creative point of view.”—Brittany Adams

Not even the rain in New York this week stopped a divine crowd from gathering to celebrate the tenth anniversary of jewelry label Faraone Mennella. Divine being just the right word here. Designers Amedeo Scognamiglio and Roberto Faraone Mennella were inspired by Greek mythology for their recent collections, and to spotlight them, picked nine women to be photographed by Lorenzo Bringheli as the nine muses in their creations—one for each year in business (the tenth muse, they said, was New York itself). Giovanna Battaglia, Linda Fargo, Patricia Field, Olivia Chantecaille, Ann Caruso, Kimberly Jones, Nina Griscom, Carol Alt, and Pamela Fiori took on the roles. At the event, Chantecaille looked especially Olympian in a form-fitting beaded dress from Ferragamo. “I’ve been friends with Amedeo for years and I always tell him what I’m looking for my jewelry,” the beauty entrepreneur said. “Of course I was very flattered when he asked me to be part of this project.”—Marina Larroude

Last night I was cruising a few websites and found this fabulous find on our new favorite hot spot: ASOS. This is a divine match to the ultra fab and completely sold out Lanvin dress that Natalie Portman wore to the ballet recently.

Hurry -- sizes are flying out of the shop!

To buy: $112.06, asos.com

The Heavy Draped Maxi Dress is just perfection. The v-neckline flatters while the draping in front has a lovely waterfall effect.

The price tag on ASOS? $112.06!

What's really amazing is the fabric. The polyester will transition seamlessly from now to spring to summer (the just right style is a perfect fit for summer events and weddings).