Skip to main content

New Home Purchase Apps Up Nearly 35 Percent YoY

Dec 15, 2020
Photo of a brand new home for sale.
Director of Events

The Mortgage Bankers Association's Builder Application Survey data reported a 34.7% increase in new home purchase mortgage applications year-over-year for November 2020. This marks a 16% increase month-over-month from October 2020, according to the report.

"November new home sales activity, both mortgage applications and home sales ran at a pace considerably ahead of 2019, showing the ongoing strong growth in housing demand and new residential construction," said Joel Kan, MBA's associate vice president of Economic and Industry Forecasting. "However, MBA estimates that after climbing to a new survey high in October, the seasonally adjusted pace of new home sales declined in November. Signs of a slowdown in the economic recovery likely contributed to the expected monthly decrease in activity."

The MBA estimates that new single-family home sales were running at a seasonally adjusted annual rate of 827,000 units for November. Additionally, Conventional loans made up 71.8% of loan applications, FHA loans composed 16.8%, RHS/USDA loans composed 0.9% and VA made up 10.4%. The average loan size of new homes increased from $355,684 in October to $357,554 in November.

About the author
Director of Events
Navi Persaud is Director of Events at NMP.
Published
Dec 15, 2020
HUD Freezes Foreclosures On FHA Mortgages In Texas Flood Zone

Kerr County homeowners among hardest hit in disaster that’s claimed more than 100 lives

Jul 09, 2025
Fewer Canadians Hunt For U.S. Property

Largest component of international buyers in U.S. takes more than 25% hit

Jul 08, 2025
Fannie, Freddie Now Allow Lenders To Use VantageScore 4.0

Lenders will keep tri-merge credit scoring model; what this shift means

Fairway Independent Mortgage Corporation Announces Rebranding

Now Fairway Home Mortgage, company also donates $1M to support relief efforts in deadly Texas flooding

Jul 07, 2025
FHFA Chief Officially Calls For Investigation Of Federal Reserve Chairman Powell

Alleges Powell lied in testimony to Congress regarding Fed building renovations, says Fed Chair should be fired

BBB Will Impact Homeowners, Buyers

U.S. House and Senate must agree on certain tax, mortgage insurance premium deductions