Breaking a three-week streak of declines, mortgage applications increased 4.9% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Nov. 14, 2014. 

This week’s results included an adjustment for the Veterans Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 4.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7% compared with the previous week.  The Refinance Index increased 1% from the previous week. 

The seasonally adjusted Purchase Index increased 12% from one week earlier to the highest level since July 2014. The unadjusted Purchase Index decreased 3% compared with the previous week and was 6% lower than the same week one year ago.

The refinance share of mortgage activity decreased to 61% of total applications from 63% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.9% of total applications.

The FHA share of total applications increased to 9.9% this week from 9.6% last week. The VA share of total applications increased to 11.5% this week from 11.0% last week.  The USDA share of total applications fell to 0.8% this week from 0.9% last week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.18% from 4.19%, with points decreasing to 0.24 from  0.26 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. 

The effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.10% from 4.13%, with points increasing to 0.16 from 0.15 (including the origination fee) for 80% LTV loans.  The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.85% from 3.90%, with points increasing to 0.18 from 0.14 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week. 

The average contract interest rate for 15-year fixed-rate mortgages remained unchanged from 3.38%, with points increasing to 0.27 from 0.22 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 3.09% from 3.05%, with points increasing to 0.34 from 0.32 (including the origination fee) for 80% LTV loans.  The effective rate increased from last week.