U.S. mortgage applications up

An index that measures the nationwide volume of mortgage loan applications was 678.7 for the week ending Aug. 10, an increase of 3.4 percent on a seasonally adjusted basis from one week earlier.

The index is calculated by the Mortgage Bankers Association, a Washington, D.C.-based group that represents the real estate finance industry.

On an unadjusted basis, the index was up 20.6 percent when compared with the same week a year ago, the group said.

"Recent upheavals in the mortgage industry may be temporarily increasing the level of retail application activity at the large lenders that participate in the MBA survey rather than representing a system-wide increase," Doug Duncan, the MBA's chief economist and senior vice president of research, said in a statement.
(By Chris Reidy, Globe staff)