Reported 7 months ago
New-home purchase mortgage applications rose 1% month over month and 13.8% year over year in May, with sales of new single-family homes reaching a seasonally adjusted annual rate of 702,000. FHA lending segment saw a significant increase, with FHA share of new-home mortgage applications at 26.5%. Average loan size for new-home applications decreased to $400,150, reflecting strong demand for new homes alongside declining demand for existing homes, as indicated by the 12% decline in purchase applications. Refinance demand increased by 28% year over year, attributed to a slight decline in mortgage rates.
Source: YAHOO