New Home Purchases Decrease

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for December 2015 shows mortgage applications for new home purchases decreased by five percent relative to the previous month. “The BAS showed mixed-results last month with some lenders seeing steady or slightly increasing application levels while others saw declines,” said Lynn Fisher, MBA’s Vice President of Research and Economics. “On net, we estimate that new single-family home sales were down by about 8 percent in December on a seasonally adjusted basis relative to November, but remain 17 percent above a year ago.” By product type, conventional loans composed 68.0 percent of loan applications, FHA loans composed 18.5 percent, RHS/USDA loans composed 1.0 percent and VA loans composed 12.6 percent.

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