No Change in the Demand for Mortgages for Purchasing New Homes in September

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The volume of mortgage applications for the purchase of a new home remained flat in September relative to August. This is revealed by the Builder Application Survey for September 2014 of the Mortgage Bankers Association.

The survey provides early data on the sales of new homes around the country. The estimate of the new home sales is based on the mortgage application data from the survey. Assumptions on market coverage and other factors are also taken into consideration. The data on the mortgage applications is not seasonally adjusted, but there is an estimate of the sales of new homes at a seasonally adjusted yearly rate.

The estimate of the MBA is that new home sales rose by 0.2% on a seasonally adjusted basis in September compared to the August estimate of 424,000 new units. On a seasonally unadjusted basis, the new home sales in September were 32,000 units, according to the estimates of the survey. They experienced a decline of 5.9% from the previous month. One a seasonally unadjusted basis, the MBA estimated 34,000 new home sales in August.

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The survey reveals that 67.6% of the new home loan applications made in September were for conventional loans. The share of mortgage applications for FHA loans was the second largest. It was 16.7%. The VA loans held the third largest share. 14.5% of the new home loan applications were for this type of mortgage. The share of USDA loans was the smallest in this month. It was 1.2% of the total volume of mortgage applications for the purchase of a new home.
The average size of a mortgage loan for the purchase of a new home was $298,294 in September according to the survey. It experienced a decrease compared to August. Back then, the average size of a new home purchase loan was $300,443.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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