For the third week in a row, an increase in cashout-driven refinance activity has been more than offset by deterioration in the volume of purchase financing activity.

An indicator of upcoming single-family originations, the U.S. Mortgage Market Index from Mortgage Daily, was 147 in the week ended Aug. 18.

The index, which is based on average per-user rate locks at OpenClose, dipped less than a percent from a week earlier. No seasonal adjustments are made to the index.

Source: Mortgage Daily