Mortgage applications increased 0.4 percent from one week earlier while rates continued their slide, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage survey for the last week of January.

The MBA’s market composite index, a measure of mortgage loan application volume, increased 0.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 14 percent compared with the previous week. The refinance index increased 3 percent from the previous week. The seasonally adjusted purchase index decreased 4 percent from one week earlier. The unadjusted purchase index increased 14 percent compared with the previous week and was 17 percent lower than the same week one year ago.

The refinance share of mortgage activity remained unchanged at 62 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8 percent of total applications.

The average mortgage rate declined for all loan products in the survey. Rates were at their lowest level since November 2013, except for the 5/1 ARM, which was at the lowest level since December 2013.

Also of note:

• The average interest rate for conforming 30-year fixed-rate mortgages decreased to 4.47 percent from 4.52 percent.
• The average interest rate for jumbo 30-year fixed-rate mortgages decreased to 4.42 percent from 4.47 percent.
• The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.12 percent from 4.18 percent.
• The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.53 percent from 3.59 percent.
• The average contract interest rate for 5/1 ARMs decreased to 3.15 percent from 3.25 percent.