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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% On an unadjusted basis, MBA estimates that there were 56,000 new home sales in July 2023, a decrease of 6.7% of loan applications.

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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. On an unadjusted basis, MBA estimates that there were 59,000 new home sales in August 2023, an increase of 5.4%

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Demand stalled in March for new-home purchases: MBA

Housing Wire

In February, conventional loans accounted for 63% of applications for new homes. Federal Housing Administration (FHA) loans accounted for 26.4% Department of Veteran Affairs (VA) loans took a 10.4% Department of Agriculture (USDA) loans accounted for 0.3%. of applications , U.S. share, and U.S.

VA loan 458
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New-home mortgage applications surged nearly 40% annually in October: MBA

Housing Wire

FHA applications reached highest share of new-home applications since 2013 In October, FHA applications represented 26.3% of all new-home purchase applications as homebuyers turned to new construction for more housing options. This is the highest share of FHA new-home purchase applications in a decade.

Mortgages 482
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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
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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
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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.

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