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New Home Purchase Apps Decline. Blame the School Year?
Thursday, June 11, 2015
Applications for the purchase of newly constructed
homes fell in May, a decline which the Mortgage Bankers Association (MBA)
attributed at least in part to seasonal factors. Data from MBA's Builder Application Survey
shows a decrease of 9 percent in applications during the month when compared to
April's numbers. There is no adjustment
for typical seasonal patterns.
By product type, conventional loans composed 67.4
percent of loan applications, FHA loans for 19.1 percent, VA loans 12.3 percent
and RHS/USDA loans 1.2 percent. The average loan size of new homes increased
from $315,670 in April to $320,744 in May.
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