Posted To: MND NewsWire

Applications for mortgages to purchase newly constructed homes surged in October and the Mortgage Bankers Association (MBA) is expecting that sales will follow suit. MBA’s Builder Application Survey (BAS) shows those applications rose 9 percent from September to October and were 31.5 percent higher than in October 2018. The data is not seasonally adjusted. Based on the survey information and other data such as market coverage, MBA is forecasting that the month’s new home sales will be at a seasonally adjusted annual rate of 791,000 units. This is an increase of 9.1 percent from the September sales rate of 725,000 units. On an unadjusted basis, MBA estimates there were 61000 new homes sold during the month, 8.9 percent higher than its 56,000 unit estimate for September. “The new home sales market…(read more)

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Source: Mortgage News Daily