Despite a week-over-week drop in purchase activity, refinance business drove overall mortgage applications higher. Refinances were busier for the second week in a row.

The number of retail applications that were completed in the week ended July 21 for residential loans edged up less than a seasonally adjusted 1 percent from the preceding week.

That was according to the Market Composite Index, a measure of mortgage loan application volume. The index increased 1 percent when seasonal factors are not considered.

Source: Mortgage Daily