There was more interest in obtaining home loans, according to new data from the Mortgage Bankers Association (MBA) for the week ending Nov. 30.
Among the federal programs, the FHA share of total applications increased to 10.2 percent from 9.6 percent the week prior
and the VA share of total applications increased to 10 percent from 9.9 percent, but the USDA share of total applications decreased to 0.6 percent from 0.7 percent.
“Additionally, we saw a decrease in the average loan size for purchase applications to the lowest amount since December 2017—$298,000 from $313,000,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “This is perhaps an indication that there are fewer jumbo borrowers, or maybe first-time buyers are having better success reaching the market as we close out the year.”