Mortgage applications increased 0.8% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 24, 2015.

The Market Composite Index, a measure of mortgage loan application volume, increased 0.8% 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 decreased 0.1% from one week earlier. The unadjusted Purchase Index increased 0.2% compared with the previous week and was 18% higher than the same week one year ago.

The refinance share of mortgage activity increased to 50.6% of total applications from 50.3% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.6% of total applications.

The FHA share of total applications decreased to 13.7% from 14% the week prior. The VA share of total applications decreased to 10.9% from 11.3% the week prior. The USDA share of total applications remained unchanged from 0.9% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.17%, the lowest level since June 2015, from 4.23%, with points increasing to 0.36 from 0.34 (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 4.12%, the lowest level since May 2015, from 4.16%, with points increasing to 0.35 from 0.33 (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 3.98%, the lowest level since June 2015, from 4.00%, with points increasing to 0.26 from 0.17 (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 decreased to 3.39%, the lowest level since June 2015, from 3.43%, with points increasing to 0.38 from 0.34 (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 3.08%, with points decreasing to 0.37 from 0.41 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.