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Mortgage Applications Indicate July Dip in New Home Sales
Thursday, August 13, 2015
Applications for the purchase of newly constructed homes fell
off slightly in July, a decline that the Mortgage Bankers Association (MBA)
said was in line with the slowdown observed in the overall purchase mortgage
market. MBA's Builder
Application Survey (BAS) showed a 4 percent decrease in new home applications,
a change that does not include any adjustment for typical seasonal patterns.
Lynn Fisher, MBA's Vice President of Research and
Economics said the change was driven in part by an increase in interest rates
relative to earlier in the spring. Nonetheless the number of builder
applications was still up 15 percent compared to a year ago.
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