Purchase applications for home mortgages rose a seasonally adjusted 1 percent in the August 4 week, while applications for refinancing increased by 5 percent. Unadjusted, the purchase index rose 0.3 percent in the week and was 7 percent higher than in the same week a year ago. The refinance share of mortgage activity rose 1.2 percentage points to 46.7 percent. Interest rates edged lower in the week, with the average interest rate on 30-year fixed rate mortgages ($424,100 or less) decreasing by 3 basis points to 4.14 percent. Consistently showing a strong year-on-year growth pace, purchase applications point to a solid housing market, driven by low mortgage rates and high employment levels.