Mortgage Applications for New Home Purchases Rose in April


Applications for new home purchase loans rose 0.3% on an unadjusted basis in April in comparison to March of this year. The data was presented in the Builder Application Survey for April 2015 of the Mortgage Bankers Association.
The share of applications for conventional loans in the total volume of mortgage applications for new home purchases was 67% in April. The share of FHA loan applications was 18.8%. The share of applications for VA loans was 12.8%.
The USDA loan applications accounted for 1.4% of the total volume.

The average mortgage loan size for the purchase of a new single-family home increased to $315,670 in April from $314,394 in March. This is the highest level reached since the beginning of the Survey.

Based on data from the Survey, the Mortgage Bankers Association estimates that the seasonally adjusted yearly rate of single-family home sales was 487,000 units in April of this year. This estimate is based on the use of mortgage applications from the Builder Application Survey and on assumptions for different factors including market coverage.

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The estimated seasonally adjusted annual rate of single-family home sales for April is 4.5% lower compared to the rate of 510,000 units measured in March. On an unadjusted basis, the rate of single-family home sales was 48,000 units in April. It decreased by 2% from its level in March. Back then, it was 49,000 units.

Mike Fratantoni, MBA’s chief economist, said that the mortgage applications for new home purchases were essentially flat in April. At the same time, in March and April of this year, the builder applications were the highest since the start of their tracking by the MBA in August 2012. The applications for new home purchase loans made to builders rose by 16% from April 2014 to April 2015. Despite the estimated slight decrease in new home sales in April, there had been increased activity earlier in 2015.

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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