Mortgage applications fell for the third week in a row, declining 0.9% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Nov. 7, 2014.

The Market Composite Index, a measure of mortgage loan application volume, decreased 0.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2% compared with the previous week.

The Refinance Index decreased 2% from the previous week. The seasonally adjusted Purchase Index increased 1% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 11% lower than the same week one year ago.

The refinance share of mortgage activity remained unchanged at 63% of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.1% of total applications, the lowest level since January 2014.

The FHA share of total applications increased to 9.6% this week from 9.5% last week. The VA share of total applications increased to 11.0% this week from 10.7% last week. The USDA share of total applications remained unchanged at 0.9% this week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.19% from 4.17%, with points increasing to 0.26 from 0.22 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) remained unchanged at 4.13%, with points increasing to 0.15 from 0.11 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.90% from 3.84%, with points decreasing to 0.14 from 0.34 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.

The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.38%, with points decreasing to 0.22 from 0.31 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.05% from 3.08%, with points decreasing to 0.32 from 0.33 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.