Mortgage applications decreased 7.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 29, 2015.

This week’s results include an adjustment to account for the Memorial Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 7.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 17% compared with the previous week.

The Refinance Index decreased 12% from the previous week. The seasonally adjusted Purchase Index decreased 3% from one week earlier. The unadjusted Purchase Index decreased 14% compared with the previous week and was 14% higher than the same week one year ago.

The refinance share of mortgage activity decreased to 49% of total applications, its lowest level since May 2014, from 51% the previous week. The adjustable-rate mortgage share of activity decreased to 6.1% of total applications.

The FHA share of total applications increased to 14.9% from 14.5% the week prior. The VA share of total applications increased to 12.0% from 11.7% the week prior. The USDA share of total applications increased to 1.0% from 0.8% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.02% from 4.07%, with points decreasing to 0.33 from 0.35 (including the origination fee) for 80% loan-to-value ratio 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 4.01% from 4.06%, with points increasing to 0.30 from 0.29 (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 3.77% from 3.83%, with points increasing to 0.21 from 0.16 (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 3.29%, with points increasing to 0.33 from 0.24 (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 2.97% from 3.04%, with points increasing to 0.50 from 0.48 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

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