The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for April 2022 shows mortgage applications for new home purchases decreased 10.6% compared to a year ago. Compared to March 2022, applications decreased by 14%. This change does not include any adjustment for typical seasonal patterns.
“New home purchase activity declined on a monthly and annual basis in April, as the spike in mortgage rates cooled demand, and homebuilders continued to grapple with rising