Thursday, December 1, 2022 | The Latest Buzz for the Appraisal Industry

Applications for New Home Purchases Tumbled Further in October

Applications for mortgages for new home purchases took a nosedive in October, falling 13% compared with September, according to the Mortgage Bankers Association (MBA) Builder Application Survey (BAS).

Compared to October 2021, applications decreased 28.6%.

“New home purchase activity weakened on a monthly and annualized basis in October, as the sharp jump in mortgage rates to nearly 7 percent reduced both overall demand and the purchasing power for many prospective buyers,” says Joel Kan,