Less Mortgage Applications for New Home Buys in November – NMP
Industry News

Less Mortgage Applications for New Home Buys in November

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."
 
About the author
Phil Hall
Link copied
Published
Dec 13, 2018
Get the NMP Daily
Industry News
Newfi And Addy AI Announce Partnership

Newfi and Addy AI today announced a collaboration focused on the continued evolution of artificial intelligence in mortgage lending

Newfi and Addy AI today announced a collaboration focused on the continued evolution of artificial intelligence in mortgage lending.Newfi has built innovative lending products and a modern approach to the mortgage market. As the industry evolves, the company continues to exp...

Continue reading
Analysis and Data
Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Homebuyers are putting less money down than they were a year ago, another sign that increased inventory and greater negotiating room are changing the purchase market.The typical down payment fell to $27,100 in the second quarter of 2026, the lowest second-quarter dollar amou...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Industry News
Sep 23, 2026
Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Industry News
Sep 23, 2026
Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

C-Suite Strategies
Sep 23, 2026
Fannie Changes How Rent From A Former Home Counts

Fannie now prohibits leases for departing residences and permits market-analysis tools instead of Form 1007, creating a key documentation difference from Freddie Mac

Regulation and Compliance
Sep 22, 2026
MPF Expands Eligibility For Manufactured And Renovation Loans

The Mortgage Partnership Finance Program has expanded MPF Traditional eligibility for affordable loans, manufactured homes, renovations, and lender-funded assistance

Industry News
Sep 22, 2026