MBA: New home purchase apps fall 8%

Thirty-year fixed mortgage rates are at their highest level in over a month, and home buyers are starting to retreat a bit. Mortgage applications fell 7.3% last week, according to the Mortgage Bankers.

WASHINGTON, D.C. (July 12, 2018) – The Mortgage Bankers Association (MBA) Builder Applications Survey (BAS) data for june 2018 shows mortgage applications for new home purchases decreased 8.8 percent compared to June 2017. Compared to May 2018, applications decreased by 12 percent. This change does not include any adjustment for typical seasonal patterns.

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it’s no surprise that refinancings slid 8 percent and average loan sizes dropped back closer to normal levels,” says Joel Kan, MBA’s associate vice president of economic and industry forecasting..

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MBA Vice President of. The seasonally adjusted Purchase Index fell, decreasing 2% from the week before. The refinance share of mortgage activity decreased to 44.5% of total applications, falling.

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The unadjusted Purchase. apps remains unchanged from last week’s 10.4%, and the Veterans Affairs’ share of applications increased to 10.6% from 10.5% the prior week. The Department of Agriculture.