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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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