New Home Sales Fall, Loan Size Rises

The Mortgage Bankers Association (MBA) says mortgage applications for new home purchases dropped 18 percent in November over October, but the size of the average loan continued moving up. As HousingWire tells MHProNews, home loan size has risen over $12,000 to $295,523 since last summer. New home sales fell from 40,000 in October to 32,000 in November. MBA’s Builder Application Survey reveals conventional loans comprised 66.2 percent of loan applications, 19.9 percent were FHA loans, VA loans accounted for 19.9 percent and RHS/USDA made up 1.1 percent of applications.

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