Mortgage

New home purchases decrease 18%

Average home price continues to rise

Even while mortgage applications for new home purchases in November were down 18% from October, according to the Mortgage Bankers Association, the size of the average loan continued to trend upward.

The average loan size for new homes reached $295,523 in November, according to the MBA’s Builder Application Survey.

Since the MBA started publishing the monthly survey this summer, average home loan size has increased more than $12,000 from the June average of $283,000.

The number of new homes sold in November decreased to 32,000, from 40,000 in October.

The MBA estimates that sales of new single-family homes were running at a seasonally adjusted annual rate of 455,000 in November.

By product type, conventional loans composed 66.2% of loan applications, FHA loans composed 19.9%, RHS/USDA loans composed 1.1% and VA loans composed 12.9%.

MBA’s Builder Application Survey tracks application volume from mortgage subsidiaries of homebuilders across the country.

Utilizing this data, as well as data from other sources, MBA is able to provide an early estimate of new home sales volumes at the national, state, and metro level.

Most Popular Articles

Caliber Home Loans CEO Sanjiv Das steps down

Sanjiv Das, CEO of Caliber Home Loans, is stepping down as CEO of the company, less than one year after New Residential Investment Corp. (Newrez) acquired the mortgage lender and servicer, sources familiar with the situation confirmed. 

Latest Articles

Why It’s Time for Foreclosure Tech Innovation

Hosted by Stavvy Collateral valuation is a critical component of mortgage lending and the home sales With the federal foreclosure moratorium expiring in 2022, the market will undoubtedly see growth in foreclosure transactions as it tries to catch up on both past and present loans. The return to working foreclosure is a perfect opportunity for […]

Jan 27, 2022 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please