General World News

Mortgage applications for new construction climbed in August

Demand for newly constructed homes continues to remain high as existing for-sale inventory remains historically low. Mortgage applications for new home purchases increased 20.6% in August on a year-over-year basis.

Compared to July 2023, applications increased by 4%. This change does not include any adjustment for typical seasonal patterns.

MBA’s survey tracks application volume from mortgage subsidiaries of homebuilders across the country. 

“Despite the 30-year fixed rate averaging over 7% in August, applications for new home purchase loans increased over the month and from a year ago,” said Joel Kan, MBA’s vice president details ⇒

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