Remove FHA loan Remove Loans Remove New Construction
article thumbnail

Mortgage applications for new construction homes ticked up in July

Housing Wire

With strong demand and limited options for existing homes, many homebuyers are turning to new construction. Mortgage applications for new construction home purchases increased 35.5% of purchase applications came from the FHA , the highest share since May 2020. from 60,000 new home sales in June.

article thumbnail

Mortgage applications for new construction climbed in August

Housing Wire

Despite the 30-year fixed rate averaging over 7% in August, applications for new home purchase loans increased over the month and from a year ago,” said Joel Kan, MBA’s vice president and deputy chief economist. The FHA share of applications dipped slightly in August but remained high, noted Kan. of loan applications.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Demand stalled in March for new-home purchases: MBA

Housing Wire

A higher FHA share can be a sign of more first-time buyer activity, but that segment of buyers is also more sensitive to affordability challenges.” In February, conventional loans accounted for 63% of applications for new homes. Federal Housing Administration (FHA) loans accounted for 26.4% of applications , U.S.

VA loan 458
article thumbnail

Demand rose in January for new home purchases: MBA

Housing Wire

Mortgage applications for new homes surged in January as a lack of existing homes continued to fuel the demand for new construction. Mortgage applications for new home purchases rose 19.1% In January, conventional loans accounted for 64.5% of loan applications for new homes. of applications, U.S.

VA loan 459
article thumbnail

Mortgage applications for new homes down in September

Housing Wire

New home sales purchase activity was weaker in September, and the average loan size rose to another record high, as homebuilders continue to grapple with rising building materials costs and labor shortages. When looking at loans by product type, conventional loans made up 75.1% and RHS/USDA loans made up the final 0.5%.

VA loan 435
article thumbnail

New home sales fall due to low inventory and high prices

Housing Wire

Lack of inventory and sweltering home prices have become a market norm for much of the industry, and May’s loan size data reported the trend has yet to abate. According to the BAS, the average loan size rose from $377,434 in April to $384,000 in May ?the the fourth consecutive month of rising loan sizes and a new survey high.

Sales 511
article thumbnail

5 predictions for the 2022 housing market

Housing Wire

Interest rates on 30-year fixed-rate loans averaged 2.96% in 2021, a record low annual average, and are expected to rise this year. Even with this increase, fixed-rate loans will still be cheaper than they were before the pandemic: In the 2010-2019 decade the interest rate averaged 4.1% for 30-year fixed-rate loans.

Marketing 545