Skip to main content

Mortgage Applications Up 19 Percent in March

Phil Hall
Apr 09, 2019
Photo credit: Getty Images/FabioBalbi

Mortgage applications for new home purchases during March soared by 19 percent from February and increased by seven percent from one year earlier, according to new data from the Mortgage Bankers Association (MBA).
 
During March, new single-family home sales were at a seasonally-adjusted annual rate of 676,000 units, down two percent from February’s rate of 690,000 units. On an unadjusted basis, the MBA estimated 66,000 new home sales in March, an increase of 11.9 percent from 59,000 new home sales in February. The average loan size of new homes decreased from $340,692 in February to $331,794 in March while conventional loans composed 68.7 percent of loan applications and FHA loans composed 18.8 percent, with VA loans trailing at 12 percent and RHS/USDA loans at 0.5 percent.
 
"With a strong job market, rising wages and lower mortgage rates, housing demand remains strong, as shown by the solid seven percent growth in new home purchase applications in March," said MBA Chief Economist Mike Fratantoni. "The confluence of declining mortgage rates with the spring buying season is supporting stronger housing demand and activity. Additionally, the drop in average loan size suggests that builders are tilting production to lower-priced homes, which continues to see the tightest inventories and strongest home-price growth."

 
Published
Apr 09, 2019
ChainLogix Appoints New Vice President, Operations

Jeryl Graham hired to accelerate growth in title & mortgage services.

Industry News
Oct 15, 2021
JPMorgan Chase To Commit $8.4M To Improve Household Stability For The Underserved

JPMorgan Chase announced six organizations that will receive philanthropic capital as part of the firm’s $400 million five-year commitment to improve housing affordability and stability for Black, Hispanic and Latino, and other underserved households.

Community
Oct 15, 2021
SRE Mortgage Alliance 'Restructuring & Reorganizing'

Owner of technology-based wholesale residential mortgage lender in El Segundo to determine organization's future.

Wholesale
Oct 15, 2021
Ginnie Mae Issued Record MBS Volume In FY2021

The record $939 billion issued included nearly $73 billion in September.

Industry News
Oct 14, 2021
UWM Completes Test Of Cryptocurrency Mortgage Payments

United Wholesale Mortgage evaluated and accepted the first-ever cryptocurrency mortgage payment in September and an additional five payments in October from borrowers.

Industry News
Oct 14, 2021
Arvielo Re-Appointed To HUD Advisory Committee

Nationwide mortgage lender New American Funding’s Co-Founder and President Patty Arvielo has been re-appointed to serve on the U.S. Department of Housing & Urban Development's Housing Counseling Federal Advisory Committee.

Industry News
Oct 13, 2021