The Mortgage Bankers Association’s Builder Application Survey reported the spike, which did not include any adjustment for typical seasonal patterns. According to the MBA, conventional loans composed 68.3% of loan applications, while FHA
loans made up 17.2%, RHS/USDA loans made up 1.6% and VA
loans composed 12.9%. Average loan size was also up, rising from $295,008 in February to $296,428 in March.
Sales of new single-family homes were running at a seasonally adjusted annual rate of 479,000 units in March, according to MBA estimates. The estimated sales pace in March dropped 10.1% from February’s pace of 533,000 units. On an unadjusted basis, there were 46,000 hew home sales in March, according to MBA estimates – a 7% increase from February’s 43,000.
Applications for new home purchases were up 15% month over month in March, according to data released today.