Skip to main content

Less Mortgage Applications for New Home Buys in November

Phil Hall
Dec 13, 2018
The latest housing data show a market experiencing a winter slowdown

Mortgage applications for new home purchases in November were down by 14 percent from October and were also 11 percent lower than November 2017, according to new data from the Mortgage Bankers Association (MBA).
 
The MBA estimated new single-family home sales at a seasonally-adjusted annual rate of 627,000 units in November, 6.8 percent below the 673,000 units sold in October. On an unadjusted basis, MBA estimated 45,000 new home sales in November, a 15.1 percent tumble from the 53,000 new home sales in October. The average loan size of new homes shrank from $331,732 in October to $326,037 in November, while conventional loans composed 69.7 percent of loan applications and FHA loans accounted for 17.3 percent.
 
"New home sales fell almost seven percent in November and were about five percent lower than a year ago," said MBA Associate Vice President of Economic and Industry Forecasting Joel Kan. "Despite a still-strong job market and recent declines in mortgage rates, affordability challenges continue to hold back sales activity, as wage growth still lags behind home-price growth. Additionally, recent stock market volatility and some economic uncertainty likely also contributed to the pullback in home sales in November."

 
Published
Dec 13, 2018
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021