For the second month in a row, new home purchase application activity saw an increase in February according to the Mortgage Bankers Association’s (MBA) latest Builder Application Survey (BAS). Not adjusting for seasonal patterns, data from the BAS showed that mortgage applications for new home purchases rose by 12% compared to January. Loan sizes for new homes also increased on a month-over-month basis. In February, the average loan size was $311,379 as opposed to $304,364 in January.
Lynn Fisher, MBA Vice President of Research and Economics, stated, “An increase in mortgage applications to builders in February over strong January numbers bodes well for new home purchases this year.” Read the full article at http://bit.ly/18Imii8.