New Home Mortgage Applications Dip 4.6 Percent Annually in August

According to the Mortgage Bankers Association's Builder Applications Survey for August 2018, U.S. mortgage applications for new home purchases decreased 4.6 percent compared to August 2017. Compared to July 2018, applications decreased by two percent. This change does not include any adjustment for typical seasonal patterns. The MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 669,000 units in August 2018, based on data from the BAS. The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors.

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