Applications for New Home Purchases Increased in March

CC Chapman / Foter / Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic (CC BY-NC-ND 2.0)

Despite a slowdown in the annual rate of new home sales, there was a 15% increase in new home applications in March in comparison with the previous month. The new data comes from the Mortgage Bankers Association (MBA) and shows optimistic signs for home sales in general.

New single-family houses’ sales decreased by 10.1% to 479,000 in March compared to February. According to the MBA, all home sales in March were 46,000. In February, the number was 43,000, which signifies a 7% increase. The data is seasonally adjusted.

68.3% of new home purchase applications were executed through conventional loans, while 17.2% were done through FHA-backed mortgages. The average home loan went up to $296,428 in March as well.

Read the full article at Mortgage News Daily.

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