Applications for New Home Purchase Loans Down in April

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Posted To: MND NewsWire

Applications to purchase new homes experienced a sharp drop in April, falling 11 percent from March. But the Mortgage Bankers Association (MBA), which gathers the data, said it was probably a technical variation . On a non-seasonally adjusted basis, sales were estimated at 48,000, down from 54,000 new homes sold in March. “The index decline in April is more than likely a result of both February and March seeing a strong surge in applications for new homes and the index not being seasonally adjusted,” said Lynn Fisher, MBA’s Vice President of Research and Economics. “In fact, last year peak applications occurred in March .” MBA’s Builder Application Survey (BAS) gathers new home application data from mortgage subsidiaries of home builders nationally. The Association uses it to provide an early…(read more)

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