Mortgage applications increased 7.3% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Dec. 5, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 7.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 52% compared with the previous week. The Refinance Index increased 13% from the previous week.

The seasonally adjusted Purchase Index increased 1% from one week earlier. The unadjusted Purchase Index increased 37% compared with the previous week and was 4% lower than the same week one year ago.

The refinance share of mortgage activity increased to 64% of total applications from 60% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.0% of total applications.

The FHA share of total applications decreased to 9.0% this week from 9.3% last week. The VA share of total applications increased to 9.6% this week from 9.4% 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) increased to 4.11% from 4.08%, with points remaining unchanged from 0.28 (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) decreased to 4.07% from 4.11%, with points decreasing to 0.16 from 0.22 (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 increased to 3.87% from 3.85%, with points decreasing to 0.03 from 0.09 (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 increased to 3.35% from 3.30%, with points increasing to 0.30 from 0.25 (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 3.11% from 3.07%, with points decreasing to 0.19 from 0.32 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.