Mortgage applications decreased 3.9% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 13, 2015.

The Market Composite Index, a measure of mortgage loan application volume, decreased 3.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4% compared with the previous week. The Refinance Index decreased 5% from the previous week.

The seasonally adjusted Purchase Index decreased 2% from one week earlier. The unadjusted Purchase Index decreased 1% compared with the previous week and was 1% higher than the same week one year ago.

The refinance share of mortgage activity decreased to 59% of total applications, the lowest level since October 2014, from 60% the previous week. The adjustable-rate mortgage share of activity decreased to 5.5% of total applications.

The FHA share of total applications increased to 14.3% this week from 14.0% last week. The VA share of total applications decreased to 10.3% this week from 10.8% last week. The USDA share of total applications increased to 0.9% this week from 0.8% last week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.99% from 4.01%, with points increasing to 0.40 from 0.39 (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 3.94% from 4.02%, with points increasing to 0.33 from 0.27 (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 3.74% from 3.80%, with points decreasing to 0.12 from 0.20 (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 3.28% from 3.29%, with points increasing to 0.34 from 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 2.99% from 3.18%, with points increasing to 0.43 from 0.40 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.?

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