Highlights
The Mortgage Bankers Association's purchase index jumped in the Aug. 10 week, up 3.9 percent to 464.9. But, in rare comments accompanying the report, the MBA warned that the gain may be misleading, reflecting "upheavals" that may be skewing applications to the large lenders that participate in the survey. The comments puncture a hole in the latest results and raise into question strength in the data over the past two months.

The refinancing index rose 2.6 percent to 1,929.6 though refinancing applications held unchanged at 39.9 percent of all applications. Interest rates rose in the week with the average 30-year fixed mortgage up 4 basis points to 6.45 percent. Next data on the housing market will be today at 1:00 p.m. ET with the July housing market index from the National Association of Home Builders.