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The Mortgage Bankers Association (MBA) released its report on mortgage applications Wednesday morning, noting a week-over-week increase of 14.2% in the group’s seasonally adjusted composite index for the week ending July 1. Mortgage loan rates fell on all types of loans last week.

On an unadjusted basis, the composite index increased by 14% week over week. The seasonally adjusted purchase index increased by 4% compared with the week ended June 24. The unadjusted purchase index increased by 4% for the week, and it is now 23% higher year over year.

The MBA’s refinance index increased by 21% week over week, and the percentage of all new applications that were seeking refinancing rose from 58.1% to 61.6%.

Adjustable rate mortgage loans accounted for 5.6% of all applications, down from 5.9% in the previous week.

MBA chief economist Mike Fratantoni noted:

Interest rates continued to drop last week as markets assessed the impact of Brexit, downgrading the likelihood of additional rate hikes by the Fed, and mortgage rates for 30-year conforming loans dropped to their lowest level in over 3 years. In response, refinance application volume jumped almost 21 percent last week to its highest level since January 2015

On Monday, Mortgage News Daily reported that 3.25% was the prevailing mortgage loan rate for top-tier borrowers from more than a few lenders. The report added:

While it’s true that rates like this have been fleeting in the past, the longer term trends remain squarely in favor of lower rates. That will continue to be the case until and unless we see a massive move higher from here. Massive moves are always possible, but they’re less of a threat now compared to 2012 [the last time rates were at these levels].

According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 3.75% to 3.66%. The rate for a jumbo 30-year fixed-rate mortgage fell from 3.74% to 3.67%, its lowest level since January 2011. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.02% to 2.96%, its lowest level since May 2013.

The contract interest rate for a 5/1 adjustable rate mortgage loan decreased from 2.88% to 2.85%. Rates on a 30-year FHA-backed fixed-rate loan dropped from 3.61% to 3.56%, the lowest level since April.