Mortgage applications decreased 7.3% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Nov. 28, 2014.

This week’s results included an adjustment for the Thanksgiving holiday. This was the second week in a row for declines.

The Market Composite Index, a measure of mortgage loan application volume, decreased 7.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 37% compared with the previous week. The Refinance Index decreased 13% from the previous week.

The seasonally adjusted Purchase Index increased 3% from one week earlier. The unadjusted Purchase Index decreased 32% compared with the previous week and was 4% lower than the same week one year ago.

The refinance share of mortgage activity decreased to 60% of total applications from 63% the previous week. The adjustable-rate mortgage share of activity decreased to 6.7% of total applications.

The FHA share of total applications decreased to 9.3% this week from 9.4% last week. The VA share of total applications decreased to 9.4% this week from 10.3% last week. The USDA share of total applications remained unchanged at 0.8% this week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.08%, the lowest level since May 2013, from 4.15%, with points increasing to 0.28 from 0.25 (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) increased to 4.11% from 4.10%, with points decreasing to 0.22 from 0.25 (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 decreased to 3.85% from 3.90%, with points decreasing to 0.09 from 0.13 (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 decreased to 3.30% from 3.35%, with points remaining unchanged from 0.25 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.