New Home Loan Applications Up in March

The mortgage applications for the purchase of a new home rose by 17% in March from February of this year. The increase is not seasonally adjusted. This was revealed in the Builder Application Survey conducted by the Mortgage Bankers Association.

The Vice President of Research and Economics at the MBA, Lynn Fisher, commented that the volume of applications for new home purchase loans rose by 20% from the first quarter of 2014 to the first quarter of 2015. She pointed out that the continued strength in builder applications raised the likelihood of stronger housing starts over the upcoming few months. Fisher also said that even though they were smaller than anticipated, the increasing job gains contributed to the strengthening of housing markets along with the more robust increase in wages and the low
mortgage rates.

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The share of applications for conventional mortgages in the total volume of new home loan applications traditionally remained the highest. It was 66% in March. The share of FHA loan applications was 20.2%. The share of applications for VA loans was 12.5%. The RHS/USDA loan applications traditionally had the smallest share. It was 1.3%. The average mortgage loan size for the purchase of a new home rose to $314,394 in March from $311,379 in February of this year.

The seasonally adjusted data of the MBA shows an increase of 4.7% in the estimated sales of single-family homes from February to March. For February, the estimated rate of sales was 487,000 units. For March, it was 510,000. On a seasonally unadjusted basis, the estimate of the MBA is that 49,000 new homes were sold in March. The estimate for February is that 42,000 new homes were sold. On a seasonally unadjusted basis, the increase in the rate of new single-family home sales from February to March was 16.7%.

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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