Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Demand for purchase loans inched up for the third straight week at the end of July, but was still down nearly 34 percent from a year ago, the Mortgage Bankers Association said in releasing the results of its Weekly Mortgage Applications Survey.Demand for purchase loans was up a seasonally adjusted 1.5 percent during the week ending July 30, while applications for refinancings rose 1.3 percent from the previous week.The growing demand for purchase loans was driven by a 3.4 percent increase in applications for FHA and other government-backed loans. Demand for conventional loans was essentially flat, the MBA said.When not adjusted for seasonal factors, the survey showed demand for purchase loans up 7.1 percent from a week ago, but down 33.7 percent from the same time a year ago.The average co...