Mortgage applications inched down 2.5% from a week earlier during the week ending August 23, the Mortgage Bankers Association said Wednesday.

Furthermore, the refinance index dropped 5% from a week earlier and the purchase index ticked up 2% from last week.

As a whole, the refinance share of mortgage activity continued to decline and decreased to 60% of total applications.

The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan limit escalated to 4.80%, the highest rate since April 2011, and up from 4.68%.

Additionally, the 30-year, FRM jumbo edged up to 4.78% from 4.74% last week.

The average 30-year, FRM backed by the FHA also jumped to 4.52%, the highest rate since 2011, and an increase from 4.40%.

Meanwhile, the 15-year, FRM elevated to 3.84%, the highest rate since 2011, up from 3.71%. In addition, the 5/1 ARM rose to 3.50% from 3.44% a week ago, the highest rate on record since April 2011.