For the second week in a row, an increase in mortgage refinance applications was more than offset by a decrease in applications for loans to finance a home purchase.

A seasonally adjusted less than 1 percent drop from a week prior was recorded for new mortgage applications based on the Market Composite Index.

The week-over-week decline increased to 2 percent when no seasonal adjustments are made to the index, a measure of residential retail loan application volume.

Source: Mortgage Daily