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The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a drop of 3% in the group’s seasonally adjusted composite index following a drop of 3.3% for the previous week. Some loan rates rose slightly in the past week, while others decreased slightly.

The seasonally adjusted purchase index increased by 2% from the last report. On an unadjusted basis, the composite index dropped by 3% week-over-week. The unadjusted purchase index increased by 1% for the week, and is up about 16% year over year.

The MBA’s refinance index fell 5% week over week to its lowest level since November 2011.

The share of refinancings fell from 69% to 67%, its lowest level in nearly two years. Adjustable rate mortgage loans account for 7% of all applications, unchanged from last week.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage rose from 4.17% to 4.46%. The rate for a jumbo 30-year fixed-rate mortgage increased, from 4.23% to 4.52%. The average interest rate for a 15-year fixed-rate mortgage rose from 3.30% to 3.55%.

The 30-year conventional mortgage rate is now at its highest point since August 2011. The 30-year jumbo has reached its highest level since March 2012, and the 15-year fixed-rate mortgage is at its highest point since November 2011.

The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 2.81% to 3.06%.

Interest rates were up sharply again this week, and that has had a chilling effect on refinancings. But purchase applications are up because for buyers the mortgage loan rates are still very low. As more housing inventory becomes available, selling price hikes will slow or reverse, and the still-low mortgage rates will attract more buyers.