While applications for loans to finance a home purchase saw a 1 percent week-over-week gain, applications for loans to refinance an existing mortgage led an overall increase.

During the seven days that concluded on Aug. 4, retail applications for residential loans rose a seasonally adjusted 3 percent from the prior week based on the Market Composite Index.

Even without any seasonal adjustments, the index — a measure of mortgage loan application volume — still increased 3 percent from the preceding seven day period.

Source: Mortgage Daily