MBA: Purchase Applications Edge Up

``Up 4.8 percent in the July 1 week, the purchase index ended a soft month on an up note. The gain came despite a big rise in mortgage rates that the Mortgage Bankers Association attributes to strong economic data late last week together with the end of QE2. Rates jumped in the week led by a 23 basis point rise in the average 30-year mortgage to 4.69 percent. Refinancing activity dipped sharply on the rise in rates with the refinancing index down 9.2 percent. ''