MBA Notes Downturn in New Home Loan Amount

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Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) reports that applications for new home purchase mortgages were down 3 percent in November compared to October. Based on results of its Builder Applications Survey conducted with mortgage subsidiaries of new home builders, they project an increase of 12 percent compared to November 2015. The change does not include any adjustment for seasonal patterns. “Mortgage applications for new homes continued to grow on a year over year basis in November, driven by continued improvement in the overall economy and job growth,” said Lynn Fisher, MBA’s Vice President of Research and Economics. “Despite the fact that overall home prices have increased at a greater than 5 percent annualized rate, the growth in average loan size for new homes has slowed, increasing 3 percent…(read more)

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