Mortgage Applications on New Home Purchases Up 31 Percent

Aug 15, 2019

An uptick in refinancing helped to boost mortgage applications during the week ending Sept. 27, according to new data from the Mortgage Bankers Association

Mortgage applications for new home purchases in July soared by 31.2 percent from one year earlier, according to the latest Builder Application Survey released by the Mortgage Bankers Association (MBA). Compared to the previous month, July’s applications increased by 11 percent.

The MBA estimated new single-family home sales were running at a seasonally adjusted annual rate of 754,000 units in July, an increase of 16.7 percent from the June level of 646,000 units. On an unadjusted basis, MBA estimated that there were 63,000 new home sales in July, an increase of 8.6 percent from 58,000 new home sales in June. The average loan size of new homes decreased from $329,593 in June to $325,457 in July, with conventional loans accounting for 69.1 percent of loan applications and FHA loans commanding an 18.1 percent share.

“July’s strong new home sales increase on a monthly and annual basis was driven by the ongoing decline in mortgage rates, combined with steady housing demand and a still-healthy job market,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “The average loan size decreased last month, likely influenced by the increase in the first-time homebuyer share, as these buyers are likely to choose lower-priced, entry-level homes. MBA estimates that the pace of new home sales in July increased over 16 percent.”

About the author

Phil Hall

Link copied

Published

Aug 15, 2019

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...

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...

Nov

Houston, TX

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