Weekly mortgage business maintained the pace of the previous seven-day period. Increased refinance activity was offset by lower demand for loans to finance a residential property purchase.

In the week that concluded on Aug. 4, the Mortgage Daily U.S. Mortgage Market Index was 155. The index is a tool for gauging upcoming originations based on OpenClose rate-lock volume.

Weekly activity was off less than a percent from the prior report. Business has retreated by more than a fifth when compared to the same seven-day period last year. No seasonal adjustments are made to the data.

Source: Mortgage Daily