The Mortgage Bankers Association’s Builder Application Survey showed a 5% increase in mortgage applications for new home purchases. The change does not include any seasonal adjustment, according to the MBA.
Conventional loans made up 68.4% of all applications last month, according to the MBA. FHA loans
accounted for 15.8%, USDA loans made up 1.6%, and VA
loans composed 14.2%. the average loan size grew from $296,428 in March to $299,094 in April.
New single-family home sales were running at a seasonally adjusted annual pace of 419,000 units in April, according to MBA estimates. That’s a 5% jump from the downwardly revised March rate of 400,000 units.
On an unadjusted basis, there were about 42,000 new home sales in April, an 8% increase from March’s 39,000, the MBA estimates.
Applications for new home purchases were up in April, according to data released Monday.