The Mortgage Bankers Association’s Weekly Mortgage Applications survey recorded a seasonally-adjusted 7.3% decrease in the Market Composite Index for the week ending September 16, 2016. (Last week’s results included an adjustment for the Labor Day holiday.) Unadjusted, the Index increased by 15% over the previous week.

The Refinance index is now at its lowest level since June, with an 8% decrease over the past week. The seasonally-adjusted Purchase Index decreased by 7%, while the unadjusted Purchase index increased by 15%. As of now the index is 3% higher than it was one year ago.

The refinance share of total mortgage activity has increased to 63.1%, up from 62.9% the previous week, and the adjustable-rate mortgage share has decreased to 4.4% from 4.6%. The FHA share increased to 10.2% from 9.6% the previous week, the VA share decreased to 11.6% from 12.0%, and the USDA share remained unchanged at 0.7%.

The average contract interest rate for 30-year fixed rate mortgages with conforming balances ($417,000 or less), increased to 3.70%, the highest rate since June 2016, from 3.67%. 30-year fixed mortgages with jumbo balances ($417,000 or more) saw average contract interest rates increase to 3.69% from 3.64%, while rates for loans backed by the FHA increased to 3.56% from 3.50%.

For 30-year fixed-rate mortgages that are also 80 percent loan-to-value loans, points for loans with conforming balances increased to 0.38 from 0.36. Points for loans with jumbo balances decreased to 0.29 from 0.36, and points for loans backed by the FHA decreased to 0.23 from 0.27. (All 80 percent LTV loan point reports include the origination fee.)

The average contract interest rate for 15-year fixed mortgages increased to 2.99% from 2.97%, and points increased to 0.35 from 0.34 for 80 percent LTV loans. The average contract interest rate for 5/1 ARMs increased to 2.96% from 2.87%, with points decreasing to 0.26 from 0.37 for 80 percent LTV loans.