Breaking News
  • Supreme Court to consider Miami's predatory lending suit against Bank of America, Wells Fargo

    The U.S. Supreme Court announced Tuesday that it will hear arguments during its next term on whether the city of Miami can sue Bank of America and Wells Fargo for alleged predatory lending. The city sued the megabanks in 2013, accusing the banks of "disproportionately placing vulnerable, underserved minority borrowers in loans they cannot afford." Click the headline to read more.

Lending The Ticker

New home applications rise in July

Reverses June’s decline

Construction

Mortgage applications for new home purchases increased by 2% in July, according to July’s Builder Application Survey from the Mortgage Bankers Association. Per the MBA’s report, the change does not include a seasonal adjustment.

July’s increase recaptured some of June’s decline in new home purchase applications, when applications fell 5% from May’s total.

The MBA’s builder survey tracks application volume from mortgage subsidiaries of homebuilders across the country.

Broken down by loan type, conventional loans made up 68.8% of the total loan applications. FHA loans comprised 16.1%, RHS/USDA loans made up 1.5% and VA loans were 13.6% of the total.

According to the MBA, the average loan size for new homes increased from $296,078 in June to $297,253 in July.

Additionally, the MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 433,000 units in July 2014, based on data from the report. 

The seasonally adjusted estimate for July is an increase of 12.2% from the June pace of 386,000 units.  On an unadjusted basis, the MBA estimates that there were 37,000 new home sales in July 2014, an increase of 2.8% from 36,000 new home sales in June.  

Reprints

Services Guide

Comments powered by Disqus