Purchase applications for home mortgages fell a seasonally adjusted 2 percent in the August 18 week, but applications for refinancing rose 0.3 percent. Unadjusted, the purchase index fell 3 percent on the week and was 9 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 at 48.7 percent. Mortgage rates were steady in the week, with the average interest rate on 30-year fixed rate mortgages ($424,100 or less) remaining unchanged at 4.12 percent. Despite the weekly decline, year-on-year purchase applications growth remains very strong and points to a solid housing market, driven by low mortgage rates and historically high employment levels.