Mortgage applications for new home purchases dipped by 15.2% year-to-year in October, according to a monthly builder survey published by the Mortgage Bankers Association this week.
However, on a month-to-month basis, activity was actually 6% higher in October than in the month prior. The strong monthly gain puts MBA’s estimate of new home sales at its strongest pace since January 2021, the report said.
Joel Kan, associate vice president of economic and industry forecasting at the MBA, noted in a statement that purchase activity in October was dominated by higher mortgage loan balance transactions, pushing the average new home loan size over details ⇒
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