New-home purchase mortgage applications increased 1% month over month and 13.8% year over year in May, reaching a seasonally adjusted annual rate of 702,000, the strongest since October 2023, according to MBA data.
FHA share of new-home mortgage applications in May was 26.5%, the highest since November 2023. Conventional loans comprised 63.4%, VA loans 9.8%, and USDA loans 0.3%. Average loan size was $400,150, down from $405,000 in April.
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