MBA: Applications For New Home Purchases Dipped In December

Posted by Patrick Barnard on January 15, 2015 No Comments
Categories : Residential Mortgage

Applications for new home purchases decreased 0.4% on an unadjusted basis in December compared to November, according to the Mortgage Bankers Association's (MBA) Builder Application Survey (BAS).

By product type, conventional loans composed 70.8% of loan applications, Federal Housing Administration loans composed 15.3%, Rural Housing Service/U.S. Department of Agriculture loans composed 1.2% and Veterans Affairs loans composed 12.7%.

The average loan size of new homes increased from $306,975 in November to $311,398 in December.

Based on data from the BAS, the MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 409,000 units in December – an increase of 2% compared to the November pace of 401,000 units.

On an unadjusted basis, the MBA estimates that there were about 28,000 new home sales in December, unchanged from November.

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