Purchase applications for home mortgages fell a seasonally adjusted 2 percent in the August 11 week, but applications for refinancing increased, also by 2 percent. Unadjusted, the purchase index fell 3 percent in the week but was a sharp 10 percent higher than in the same week a year ago. The refinance share of mortgage activity continued to rise and was up 1.1 percentage points to 47.8 percent, the highest level since February. Interest rates edged lower again, with the average interest rate on 30-year fixed rate mortgages ($424,100 or less) falling 2 basis points to 4.12 percent, the lowest level since November 2016. Despite the weekly decline, the strong and strengthening year-on-year growth pace in purchase applications points to a solid housing market, driven by low mortgage rates and high unemployment levels.