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New-home purchase applications dip slightly

Fall by 5% in June

construction of new home
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Mortgage applications for new home purchases fell by 5% compared to the previous month, the latest Mortgage Bankers Association Builder Application Survey from June found.  

The builder survey tracks application volume from mortgage subsidiaries of home builders across the country. 

Broken up, conventional loans composed 67.2% of loan applications, FHA loans composed 17%, RHS/USDA loans composed 1.2% and VA loans composed 14.6%. 

In addition, the average loan size of new homes marginally dropped from $296,427 in May to $296,078 in June.

New single-family home sales were running at a seasonally adjusted annual rate of 386,000 units in June, rising 3.2% from 374,000 units in May. 

Unadjusted, there were 36,000 new home sales in June 2014, unchanged from May. 

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