According to a press release by the Mortgage Bankers Association (MBA), data for new home purchase applications showed positive gains in October. Not including an adjustment for typical seasonal patterns, new home purchase applications increase by 8% compared to September. When categorizing by product type, 68.2% of the applications were conventional loans, 16.2% were FHA loans, 14.2% were VA loans and 1.5% were RHS/USDA loans.
The average loan size was also greater in October reaching $300,289 compared to $298,274 in September. On a seasonally adjusted basis, the MBA estimated that new single-family home sales increased by 8.5% from the previous month. To read the full press release, visit http://bit.ly/1ucjfSq.