Mortgage applications for new home purchases in November dipped 2.2% year-over-year, according to the Mortgage Bankers Association’s builder survey published this week. From October 2021, applications also decreased by 3%.

The mortgage trade group estimates that on an unadjusted basis there were 65,000 new home sales in November, from 68,000 new home sales from the month prior, a decline of 4.4%

Joel Kan, associate vice president of economic and industry forecasting at the MBA, noted that unlike the dip in applications, the average loan amount increased to a record of $414,114.

In October, the average loan amount for details ⇒

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