Skip to main content

October Sizzled With New Home Mortgage Applications

Phil Hall
Nov 19, 2019
Photo credit: Getty Images/Suradin

Mortgage applications for new home purchases in October were up by nine percent from the previous month and up by 31.5 percent from one year ago, according to data from the latest Mortgage Bankers Association (MBA) Builder Applications Survey.
The MBA estimated new single-family home sales at a seasonally adjusted annual rate of 791,000 units in October, a 9.1 percent increase from the September level 725,000 units. On an unadjusted basis, the MBA estimated 61,000 new home sales in October, an 8.9 percent rise from 56,000 new home sales in September. The average loan size of new homes increased from $330,807 in September to $335,235 in October.
By product type, conventional loans composed 67.8 percent of loan applications in October, followed by FHA loans taking a 19.2 percent share, VA loans at 12.3 percent and RHS/USDA loans at 0.7 percent.
“The new home sales market continues to be strong and was reinforced by October’s increase in applications for new home purchases,” said MBA Associate Vice President of Economic and Industry Forecasting Joel Kan. “At an annual pace of 791,000 units, our estimate of new sales has reached its highest level since the inception of our survey in 2012. Home builder sentiment remains close to 18-month highs, and housing starts and permits have increased for four straight months. These are promising signs for the housing market, as the rise in new and existing housing supply has led to slower home-price growth and improving affordability.”
According to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), builder confidence in the market for newly-built single-family homes took a one-point drop in November to 70.

Nov 19, 2019
ATTOM Announces Addition Of NMLS Data

Provides access to the names and NMLS IDs for those originating residential mortgage loans.

Industry News
Oct 05, 2022
DOJ: Lakeland Bank To Spend $13M To Settle 'Redlining' Claims

Agreement with N.J. bank is the third-largest redlining settlement in Justice Department history.

Industry News
Sep 29, 2022
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Sep 27, 2022