Mortgage applications decreased 4.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 1, 2015.

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.6% 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 8% from the previous week to the lowest level since January 2015. The seasonally adjusted Purchase Index increased 1% from one week earlier to its highest level since June 2013. The unadjusted Purchase Index increased 2% compared with the previous week and was 12% higher than the same week one year ago.

“Refinance volume dropped last week as rates in the US increased sharply towards the end of the week, with signs of recovery in Europe lifting rates across the globe. Purchase activity increased slightly over the week, and the average loan amount for a purchase application reached a record high, a sign that the mix of purchase activity is still skewed toward higher priced homes,” said Mike Fratantoni, MBA’s Chief Economist.

The refinance share of mortgage activity decreased to 53% of total applications from 55% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.1% of total applications. The average loan size for purchase applications rose to a survey high of $297,400.

The FHA share of total applications increased to 14.0% from 13.7% the week prior. The VA share of total applications increased to 11.9% from 11.3% the week prior. The USDA share of total applications remained unchanged at 0.8% from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.93% from 3.85%, with points remaining unchanged from 0.35 (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) increased to 3.91% from 3.82%, with points decreasing to 0.24 from 0.31 (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 increased to 3.70% from 3.66%, with points increasing to 0.21 from 0.16 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.19% from 3.14%, with points decreasing to 0.30 from 0.31 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs decreased to 2.87% from 2.88%, with points increasing to 0.33 from 0.27 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.