Mortgage applications decreased 7% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending September 11, 2015. The week’s results included an adjustment for the Labor Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 7% 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 9% from the previous week. The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index decreased 16% compared with the previous week and was 5% higher than the same week one year ago. The Labor Day holiday shifted from the first week in September last year to the second week this year.

The refinance share of mortgage activity decreased to 56.2% of total applications from 56.9% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.8% of total applications.

The Federal Housing Administration share of total applications increased to 14.2% from 13.4% the week prior. The Veteran's Administration share of total applications decreased to 10.7% from 10.8% the week prior. The Department of Agriculture share of total applications remained unchanged 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 4.09% from 4.10%, with points increasing to 0.42 from 0.39 (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 4.04% from 4.03%, with points decreasing to 0.26 from 0.28 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.88% from 3.90%, with points increasing to 0.35 from 0.23 (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 3.33% from 3.34%, with points decreasing to 0.26 from 0.28 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs increased to 3.04% from 3.03%, with points increasing to 0.36 from 0.27 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.