New Home Purchase Apps Uphold April Downturn Tradition

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Posted To: MND NewsWire

Applications for new home purchase mortgages fell by 19.4 percent on a non-seasonally adjusted basis in April. The Mortgage Bankers Association said responses to its Builder Applications Survey (BAS) produced an estimate of 50,000 new home sales during the month, compared to sales of 62,000 new homes in March. Sales were also lower than the previous April, a decline of 4.3 percent . On a seasonally adjusted annual basis MBA estimates new single-family house sold at a rate of 517,000 units in April. This is down 22.8 percent from the March pace of 670,000 units. Lynn Fisher, MBA’s Vice President of Research and Economics said, “For the first time this year, mortgage applications for new homes in April were lower than the same month a year ago. Mortgage applications for new homes fell more than…(read more)

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