Mortgage applications for new home purchases edged up by 5% in April from the revised March pace of 400,000 units, according to the Mortgage Bankers Association’s Builder Application Survey.
The survey tracks application volume from mortgage subsidiaries of homebuilder across the country. Also, this does not include any seasonal adjustments for typical seasonal patterns.
Individually, conventional loans composed 68.4% of loan applications, FHA loans composed 15.8%, RHS/USDA loans composed 1.6% and VA loans composed 14.2%.
In addition, the average loan size of new homes grew to $299,094 in April, up from $296,428 in March.
New single-family home sales ran at a seasonally adjusted annual rate of 419,000 units in April 2014.
The BAS market coverage was rebenchmarked this month to an estimate of over 30% of annual sales volume based on data from the Census Bureau.