Mortgage applications for new-home purchases decreased by 6.9% year-over-year in February, despite a slight increase of 0.3% from January. The trend coincides with seasonal patterns, bolstered by increased housing inventory and declining interest rates, according to Joel Kan from the MBA. Interestingly, the market shows increased activity with FHA loans reaching a record share. Estimated sales for single-family new homes rose to a seasonally adjusted rate of 634,000 units, reflecting market resilience. Overall, the data suggests an active buyer base, particularly first-time homebuyers, amid changing loan dynamics and average loan size declines.
According to the Mortgage Bankers Association, mortgage applications for new-home purchases fell 6.9% year over year in February, while new housing inventory and declining rates supported activity.
MBA's estimated single-family new-home sales hit a seasonally adjusted annual rate of 634,000 units in February, marking a 2.9% increase from January.
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