Although the number of borrowers who applied to refinance their mortgages expanded, a week-over-week drop in applications to finance a home purchase offset the gain.

There was virtually no seasonally adjusted change from the preceding week in the volume of new retail applications for residential loans during the week ended Aug. 11.

That is according to the Market Composite Index, a measure of mortgage application volume. The index fell 1 percent from the previous report without any seasonal adjustments.

Source: Mortgage Daily