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MBA: US weekly mortgage applications rise 3%

U.S. mortgage applications increased 3.0% on a seasonally adjusted basis in the week ended Aug. 4, from one week earlier, the Mortgage Bankers Association said.

On an unadjusted basis, the market composite index rose by the same number compared with the previous week.

The refinance index rose 5% from the previous week. The seasonally adjusted purchase index rose 1.0% and the unadjusted purchase index advanced 0.3% compared with the previous week.

The refinance share of mortgage activity increased to 46.7% of total applications from 45.5% in the previous week, according to the MBA's latest weekly survey.