Join us on LinkedIn Follow us on Twitter Like us on Facebook Follow us on Instagram
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation6

New home purchase mortgage apps decrease in November

Email A Friend Printer Friendly Version
0 comments
Financial Stability
Monday, January 3, 2022
The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) showed applications for new home purchases decreased in November 2021 to 2.2 percent year-over-year and 3 percent month-over-month, not including any adjustment for typical seasonal patterns.

“Applications to purchase new homes in November slightly declined on a monthly and annual basis,” MBA Associate Vice President of Economic and Industry Forecasting Joel Kan said in a release. “However, the average loan amount increased to a new record of $414,114. A competitive purchase market, combined with increased building materials costs, have been pushing sales prices higher. There also continues to be a shift to the higher end of the market, which is also contributing to the higher loan amounts.

“New home sales had a strong month with more homebuyers choosing newly built homes,” Kan added. “Home sales edged higher over the month to the strongest annual pace since January 2021 at 905,000 units, as limited for-sale inventory has driven more demand to the new home segment. MBA’s November estimate for new home sales is the largest for the month since the survey began in 2012.”

According to the BAS, new single-family home sales ran at a seasonally adjusted annual rate of 905,000 units in November 2021, compared with the October pace of 897,000 units (a 0.9 percent increase). On an unadjusted basis, the association estimated 65,000 new home sales in November, compared with 68,000 the month before (a 4.4 percent decrease).

When broken down by product type, conventional loans composed 76.3 percent of loan applications, Federal Housing Administration loans accounted for 13.2 percent, Department of Veterans Affairs composed 10 percent, and Rural Housing Service/United States Department of Agriculture accounted for 0.5 percent. The average loan size increased from $412,339 in October to $414,114 in November.

Today's other top stories
Mortgage industry leaders testify against Basel III
FDIC reviews supervision of failed First Republic Bank
MBA examines variances in mortgage revenues, costs, profitability
MISMO releases updated reference guide
MISMO seeks nominations for governance committees


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 1410 times.

Monthly Newsletter

Dodd Frank Update September 2023

Cover Story:

Section 1071 data collection rule blocked by federal judge in Texas


News by Topic   News by Edition   News by Agency   News by Industry   Special Reports   Events
Banking
Case Law
Consumer Protection
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
 
Dodd Frank Update August 2023
Dodd Frank Update September 2023
Archives
 
CFPB NCUA
CFTC OCC
FDIC OFR
FHFA SEC
FRB States
FSOC Treasury
FTC  
 
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Land Title
Mortgage
Payday Lending
 
Who's My Regulator?
Fair Lending
2023 State of the Industry
Mortgage Technology
Real Estate Compliance Outlook
Marketing Compliance for Lenders
Archives
 
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars

Library   About   Subscribe   Other Publications
The Dodd-Frank Act Position Papers
Dodd-Frank Summary & History Legislation
Court Actions Regulations
Enforcement Documents Reports, Studies and Surveys
Guidance Documents Federal Register Notices
White Papers  
 
Dodd Frank Update
Contact / Editors
Advertise
Social Media
Are You An Expert?
Subscriber Agreement
 
Subscriptions
Free Email Updates
Try a Free Edition
 
The Title Report
The Legal Description
Valuation Review
RESPA News
Copyright © 2011-2023 Dodd Frank Update
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.doddfrankupdate.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> The Legal Description
> RESPA News
> The Title Report
> Valuation Review
> The October Store


Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
EDITION
AGENCY
INDUSTRY
SPECIAL REPORTS
EVENTS
LIBRARY
EMAIL UPDATES
ABOUT
SUBSCRIBE
Banking
Case Law
Consumer Protection
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
Current Edition
August 2023
July 2023
June 2023
Archives
CFPB
CFTC
FDIC
FHFA
FRB
FSOC
NCUA
OCC
OFR
SEC
States
Treasury
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Land Title
Mortgage
Payday Lending
Real Estate Compliance Outlook
Who's My Regulator?
Fair Lending
2023 State of the Industry
2022 Mortgage Techology
Marketing Compliance for Lenders
Archives
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
Compliant Marketing Tactics
Avoiding Mortgage Payoff Fraud
2023 Economic Forecast Series
Special Purpose Credit Programs
Evolving Lender and Title
Relationships
CFPB Unconstitutionally funded?
Evolving Realtor Relationships
CFPB Update
Manufactured Housing
Move to ANSI Standards
Webinar Archives
Executive Interview Series
eClosing Solutions Showcase
Lender Associations
The Dodd-Frank Act
Dodd-Frank Summary
Court Actions
Enforcement Documents
Guidance Documents
White Papers
Position Papers
Legislation
Regulations
Reports, Studies and Surveys
Federal Register Notices
Proposals
Final Rules
GAO
Agency
Contact Us
Advertise
Social Media
Are You An Expert?
Subscriber Agreement