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Decline in New Home Mortgage Apps "Seasonally Driven"

Thursday, September 10, 2015

Applications for mortgages to purchase newly constructed homes dropped by 6 percent in August according to the Mortgage Bankers Association (MBA).  The data, compiled from MBA's Builder Application Survey (BAS) is not adjusted to account for seasonal patterns.

MBA estimates that new home sales in August were running at a seasonally adjusted annual rate of 524,000 units, down 1.9 percent from the July rate of 534,000 units.  On an unadjusted estimate MBA estimates there were 41,000 new homes sold in August, a 3,000 unit decrease, or 6.8 percent, from July. The average loan size of new homes increased from $316,995 in July to $317,035 in August. The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors.

 

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