Growing demand for purchase loans

Refi boom shows signs of easing

Demand for purchase mortgages picked up last week to the highest level since the end of June, even as a refinancing boom cooled, the Mortgage Bankers Association said in releasing the results of its Weekly Mortgage Applications Survey.

The survey showed applications for purchase mortgages during the week ending July 23 were up a seasonally adjusted 2 percent from the week before, but remained 34 percent lower than at the same time a year ago.