Mortgage applications dropped 1.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 22, 2015.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2% compared with the previous week.

The Refinance Index decreased 4% from the previous week. The seasonally adjusted Purchase Index increased 1% from one week earlier. The unadjusted Purchase Index was essentially unchanged compared with the previous week and was 14% higher than the same week one year ago.

The refinance share of mortgage activity decreased to 51% of total applications from 52% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 6.4% of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.07% from 4.04%, with points increasing to 0.35 from 0.32 (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 4.06% from 4.04%, with points increasing to 0.29 from 0.25 (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 3.83% from 3.80%, with points increasing to 0.16 from 0.06 (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 3.29% from 3.26%, with points decreasing to 0.24 from 0.30 (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 3.04% from 2.99%, with points increasing to 0.48 from 0.45 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.