AIP - Norman Spencer
TitlePac
Register
Log In
Forget your Password?

Home
Directory
Bulletins
Forums
Blogs
Articles
Links
Classifieds
About Us
Contact Us
Advertise
FAQ
Privacy Policy


October New Home Purchase Mortgage Applications Increased 31.5 Percent
press release, Mortgage Bankers Association
   

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for October 2019 shows mortgage applications for new home purchases increased 31.5 percent compared from a year ago. Compared to September 2019, applications increased by 9 percent. This change does not include any adjustment for typical seasonal patterns.

MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 791,000 units in October 2019, based on data from the BAS. The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors.

"The new home sales market continues to be strong, reinforced by October's increase in applications for new home purchases. At an annual pace of 791,000 units, our estimate of new sales has reached its highest level since the inception of our survey in 2012," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting. "Homebuilder sentiment remains close to 18-month highs, and housing starts and permits have increased for four straight months. These are promising signs for the housing market, as the rise in new and existing housing supply has led to slower home-price growth and improving affordability."

The seasonally adjusted estimate for October is a increase of 9.1 percent from the September pace of 725,000 units. On an unadjusted basis, MBA estimates that there were 61,000 new home sales in October 2019, a increase of 8.9 percent from 56,000 new home sales in September.

By product type, conventional loans composed 67.8 percent of loan applications, FHA loans composed 19.2 percent, RHS/USDA loans composed 0.7 percent and VA loans composed 12.3 percent. The average loan size of new homes increased from $330,807 in September to $335,235 in October.

MBA's Builder Application Survey tracks application volume from mortgage subsidiaries of home builders across the country. Utilizing this data, as well as data from other sources, MBA is able to provide an early estimate of new home sales volumes at the national, state, and metro level. This data also provides information regarding the types of loans used by new home buyers. Official new home sales estimates are conducted by the Census Bureau on a monthly basis. In that data, new home sales are recorded at contract signing, which is typically coincident with the mortgage application.



to post a comment on this article: login - or - register



Redvision (DataTrace)
Directory

The Source of Title Business directory has 8708 listed companies.

Leave feedback on a company:
SOT ID #:  learn more...
DRN Title Search
Blogs

Read other users' blogs-- or start your own!

Most Recent Blog Posts:

Introduction to Latvia
Mike J's Blog
2019/12/06
0 comments

How Do You Know if a Potential Client is Trustworthy?
Christopher Hoffer's Blog
2019/08/26
1 comments

True or False: Zillow is Taking Over Title Searches
Christopher Hoffer's Blog
2019/08/15
0 comments

NAILTA
Forums

Source of Title's Forums are the place for title industry discussions.
Recent posts in the forums:



Classifieds

Buy, sell, or trade! Browse the ads or post your own!

© 2007, Source of Title.