The mortgage industry continues to see more purchase and refinance applications compared to the same time last year, though applications dipped slightly from last week, according to data from the Mortgage Bankers Association.

The Refinance Index, part of the MBA’s Weekly Mortgage Applications Survey, showed that refinance activity for the week ending Oct. 9 decreased 0.3 percent from the previous week. But it was 44 percent higher compared to the same week one year ago.

The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week, though it was 24 percent higher than the same week one year ago.

“Refinance and purchase activity continue to run well ahead of last year’s pace, fueled by record-low rates and strong homebuyer demand,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement. “Housing supply is a challenge for many aspiring buyers, but activity should continue to stay strong the rest of the year.”

Overall, the Market Composite Index, a measure of mortgage loan application volume, decreased 0.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week.

The FHA share of total applications decreased to 10.7 percent from 11.0 percent the week prior. The VA share of total applications increased to 13.4 percent from 12.2 percent the week prior.

The refinance share of mortgage activity increased to 65.6 percent of total applications from 65.4 percent the previous week.

“Mortgage applications for refinances and home purchases both decreased slightly last week, despite the 30-year fixed mortgage rate declining to a new MBA survey low of 3 percent,” Kan said. “Applications for government mortgages offset some of the overall decline by increasing 3 percent, driven by a solid gain in government purchase applications and an 11 percent jump in VA refinance applications.”