Refinance applications picked up as mortgage rates fell last week, but purchase loan activity had only a small gain, according to data released Wednesday by the Mortgage Bankers Association (MBA).

The MBA’s survey — which covers 75% of all retail residential mortgage applications in the U.S. — found that the seasonally adjusted refinance index increased 16% for the week ending Aug. 2 compared to the previous week. When considering the volume of applications in the same week one year ago, the index rose 59%. 

Meanwhile, the seasonally adjusted purchase index rose 1% from one week earlier but was 11% lower details ⇒

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