January Builder Applications Up from December; Down from Year Ago
According to the Mortgage Bankers Association (MBA) Builder Application Survey, mortgage applications for new home purchases rose 10% in January from December but down 12.5 percent from last year earlier.
Conventional loans accounted for 77.0 percent of loan applications, while FHA loans accounted for 13.0 percent, RHS/USDA loans represented 0.5 percent, and VA loans counted for 9.5 percent. In January, the average loan size for new homes grew from $423,102 to $426,954.
Based on data from the BAS, the MBA estimated new single-family home sales at a seasonally adjusted annual rate of 821,000 units in January, the worst annual pace since last July and a 7.4 percent fall from December with 887,000 units. Read More
