Mortgage applications increased 0.1% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 27, 2015.

The Market Composite Index, a measure of mortgage loan application volume, increased 0.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 12% compared with the previous week. The Refinance Index increased 1% from the previous week.

The seasonally adjusted Purchase Index decreased 0.2% from one week earlier. The unadjusted Purchase Index increased 14% compared with the previous week and was 0.2% lower than the same week one year ago. The seasonally adjusted conventional Refinance Index increased 2.2% to the highest level since the week ending February 13, 2015.

The refinance share of mortgage activity remained unchanged at 62% of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.4% of total applications.

The FHA share of total applications decreased to 14.6% this week from 15.3% last week. The VA share of total applications increased to 9.8% this week from 9.6% last week. The USDA share of total applications decreased to 0.8% 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 3.96% from 3.99%, with points decreasing to 0.30 from 0.33 (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 3.95% from 4.09%, with points increasing to 0.27 from 0.21 (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 3.76% from 3.82%, with points increasing to 0.21 from 0.15 (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 3.27% from 3.28%, with points remaining unchanged at 0.30 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.05% from 3.28%, with points increasing to 0.50 from 0.31 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.