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Requests for mortgages to buy a newly built home leaped 33% in August compared with 2018, according to the MBA.
“New home purchase activity was robust in August, as both mortgage applications and estimated home sales increased from a year ago,” MBA’s associate vice president of economic and industry forecasting, Joel Kan, told CNBC. “Recent increases in new residential housing permits and housing starts, lower mortgage rates and a still-strong job market all bode well for the new home sales outlook.”
And while total mortgage application activity for the week ended September 13 edged lower by 0.1%, according to the MBA’s seasonally adjusted index, buyers stayed busy as mortgage applications to buy a home rose 6%.
