Mortgage applications decreased 9.1% from two weeks earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending January 2, 2015.

The most recent week’s results include an adjustment to account for the New Year’s Day holiday, while the previous week’s results were adjusted for the Christmas holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 9.1% on a seasonally adjusted basis from two weeks earlier. On an unadjusted basis, the Index decreased 37% compared with two weeks ago. The Refinance Index decreased 12% from two weeks ago.

The seasonally adjusted Purchase Index decreased 5% from two weeks earlier while the unadjusted Purchase Index decreased 33% compared with two weeks ago. The Purchase Index was 8% lower than the same week one year ago.

While the index changes were calculated relative to two weeks prior, the following compositional and rate measures are presented relative to the previous week only.

The refinance share of mortgage activity increased to 65% of total applications from 63% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 4.9% of total applications.

The FHA share of total applications increased to 9.3% this week from 9.2% last week. The VA share of total applications increased to 10.7% this week from 10.5% 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) decreased to 4.01% from 4.04%, with points decreasing to 0.28 from 0.35 (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 3.99% from 4.05%, with points decreasing to 0.24 from 0.37 (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 3.81% from 3.82%, with points decreasing to -0.03 from 0.08 (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 3.24% from 3.32%, with points decreasing to 0.30 from 0.36 (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 3.19% from 3.26%, with points increasing to 0.51 from 0.48 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.