General World News

Mortgage rate volatility affecting pace of new home sales

New home purchase applications in August were down year over year but rebounded after four consecutive months of declines despite higher mortgage rates, declining homebuilder sentiment and looming economic uncertainty, the Mortgage Bankers Association (MBA) said.

The MBA’s builder application survey (BAS) data for August showed mortgage applications for new home purchases declined 10.1% from a year ago. Application volume rose 17% from July 2022. 

About 699,000 new single-family homes were sold in August at a seasonally adjusted annual rate, marking an 18.3% increase from July, but still 23% lower than the November 2021 peak and down 20% from last year, the details ⇒

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