Mortgage applications fell 5.1% for the week ending May 16, according to data from the Mortgage Bankers Association (MBA).

The MBA’s market composite index, which is a measure of mortgage loan application volume, showed that the number of applications decreased on a seasonally adjusted basis when compared to the previous week. The refinance index decreased 5% from the previous week but was still 27% higher than the same week a year ago.

The refinance share of mortgage activity increased slightly to 36.6% of total applications, up from 36.4% the previous week. The Federal Housing Administration’s share of total applications increased to 17.9% from 17.4% the week before. The percentage of U.S. Department of Veterans Affairs loan applications decreased to 12.6% from 13.4% the week before. The adjustable-rate mortgage share of applications decreased to 7.1%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.92% from 6.86%. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $806,500) increased to 6.94% from 6.85%.

“Mortgage rates jumped to their highest level since February last week, with investors concerned about rising inflation and the impact of increasing deficits and debt,” Mike Fratantoni, MBA’s senior vice president and chief economist, said in a prepared statement. “Higher rates, including the 30-year fixed rate increasing to 6.92%, led to a slowdown across the board. However, purchase applications are up 13% from one year ago.”