Mortgage applications increased 1.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 19, 2015.

The Market Composite Index, a measure of mortgage loan application volume, increased 1.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week. The Refinance Index increased 2% from the previous week.

The seasonally adjusted Purchase Index increased 1% from one week earlier. The unadjusted Purchase Index was unchanged compared with the previous week and was 18% higher than the same week one year ago.

The refinance share of mortgage activity increased to 49.0% of total applications from 48.5% the previous week. The adjustable-rate mortgage share of activity increased to 7.0% of total applications, the highest level since December 2014.

The FHA share of total applications decreased to 13.9% from 14.2% the week prior. The VA share of total applications decreased to 10.9% from 11.5% the week prior. The USDA share of total applications remained unchanged at 0.9% from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.19% from 4.22%, with points decreasing to 0.38 from 0.46 (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 4.14% from 4.18%, with points decreasing to 0.35 from 0.36 (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 3.96% from 4.00%, with points decreasing to 0.14 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 3.38% from 3.43%, with points increasing to 0.37 from 0.33 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.04% from 3.15%, with points decreasing to 0.46 from 0.52 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.?