The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 0.2% in the group’s seasonally adjusted composite index. That followed a drop of 1% for the previous week. Mortgage loan rates slipped for all types of mortgage loans.

The seasonally adjusted purchase index decreased 1% from the prior week’s report. On an unadjusted basis, the composite index decreased by 1% week-over-week. The unadjusted purchase index decreased by 1% for the week and remains 16% lower year-over-year.

Adjustable rate mortgage loans account for 8% of all applications, unchanged from last week.

The MBA’s refinance index increased by 0.1% after falling by 1% in the previous week. The share of refinancings remained rose from 52% to 53% of all applications.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.33% to 4.28%. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.28% to 4.26%. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.47% to 3.42%.

The contract interest rate for a 5/1 adjustable rate mortgage loan fell from 3.23% to 3.21%. Rates on a 30-year FHA-backed fixed rate loan fell from 4.03% to 3.99%.

This marks the fourth consecutive week that mortgage applications have decreased, but the declines have been much smaller in the past two weeks. Slight declines in mortgage interest rates and slowly increasing inventory are encouraging buyers, while the lower interest rates are attracting refinancing.

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