Mortgage applications increased 6.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly survey. 

The MBA’s market composite index, a measure of mortgage loan application volume, increased 6.4 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the index increased 6 percent compared with the previous week. 

Refinancings were up 9 percent from the previous week, while seasonally adjusted purchases increased 2 percent from one week earlier. The unadjusted purchase index increased 2 percent compared with the previous week and was 0.1 percent lower than the same week one year ago.

The refinance share of mortgage activity increased to 67 percent of total applications, the highest share since June 2013, from 65 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7 percent of total applications.

The average contract interest rate for 30-year conforming fixed-rate mortgages decreased to 4.33 percent from 4.39 percent, the lowest rate since June 2013.

The average contract interest rate for 30-year jumbo fixed-rate mortgages decreased to 4.36 percent from 4.43 percent, the lowest rate since June 2013.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.42 percent from 3.51 percent, the lowest rate since June 2013.

The average contract interest rate for 5/1 ARMs decreased to 3.17 percent from 3.25 percent, the lowest rate since June 2013.