Monday, October 2, 2023 | The Latest Buzz for the Appraisal Industry

New Home Purchase Apps Stagnant in December

By Jann Swanson

Posted To: MND NewsWire

Applications for mortgages to purchase newly constructed homes dipped slightly in December, down 0.4 percent from the volume reported in November. This estimate from the Mortgage Bankers Association, based on data from its Builder Application Survey, does not include adjustments to account for seasonal patterns. Applications for conventional loans made up 70.8 percent of the total followed by FHA loans at 15.3 percent. VA loans had a 12.7 percent share and RHS/USDA loans 1.2 percent. The average size of loans for which applications were made increased to $311,398 from 306,975 in November. Based on application volume MBA estimates that new home sales will be at a seasonally adjusted annual rate of 409,000 units in December , up 2 percent from the November estimate of 401,000. Sales on a non…(read more)

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