Mortgage applications reversed course and dipped slightly from the previous week, the latest data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 17 reported.

Broken up, the Refinance Index decreased 3% from the previous week, while the seasonally adjusted Purchase Index similarly decreased 2% from one week earlier.

The MBA noted that the Government Refinance Index decreased 12%, which is the lowest level since December 2014.

The refinance share of mortgage activity continued to decline, falling to 45.1% of total applications from 45.6% the previous week.

The adjustable-rate mortgage (ARM) share of activity increased to 9% of total applications, the highest level since October 2014.

The Federal Housing Administration’s share of total applications decreased to 10.9% from 11.1% the week prior, as the Veterans Affairs’ share of total applications decreased to 10.1% from 11.1% the week prior.

The United States Department of Agriculture’s share of total applications stayed the same at 0.9% from the week prior.

Meanwhile, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.46%.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) decreased to 4.40% from 4.44%.

Rising to its highest level since January 2014, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.33%, from 4.29%.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.68% from 3.66%, while the average contract interest rate for 5/1 ARMs decreased to 3.41% from 3.45%.