Mortgage applications for new homes rebounded in August

by Steve Randall13 Sep 2017
There was a jump in mortgage applications for new home purchases in August rising 6.8% year over year and up 7% compared to July 2017.

The data from the Mortgage Bankers Association - which does not include any adjustment the typical seasonal patterns - shows that 71.9% of the applications were for conventional loans; FHAs accounted for 14.4%; RHS/USDA 0.9%; and VAs 12.7%.

"Mortgage applications for new homes rebounded a bit in August, as lower than expected interest rates and growth in existing home prices continue to fuel demand," said Lynn Fisher, MBA's Vice President of Research and Economics. "Average loan size for new homes increased in August to $334,940, the highest level since the series began.”

More than one-third of applications for new homes in the August survey came from Florida and Texas and Ms. Fisher says it is unclear what impact hurricanes Harvey and Irma will have on housing starts in the region in coming months “but it is likely that recent new home sales will be delayed in breaking ground.”

An MBA estimate is that new single-family home sales were running at a seasonally adjusted annual rate of 655,000 units in August.

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