September New Home Purchase Mortgage Applications Down 7.5 Percent Year over Year

 Applications decreased by 20 percent when compared to August 2017

By Jeff Sorg, OnlineEd Blog

(October 13, 2017)

canstockphoto17668349down arrowThe Mortgage Bankers Association (MBA) Builder Applications Survey (BAS) data for September 2017 shows mortgage applications for new home purchases decreased 7.5 percent when compared to September 2016. Additionally, applications decreased by 20 percent when compared to August 2017. This change does not include any adjustment for typical seasonal patterns.

“Applications for new home purchases were down year over year in large part due the impacts of hurricane activity,” said Lynn Fisher, MBA’s Vice President of Research and Economics. “In particular monthly applications fell by 37 percent in Florida and 11 percent in Texas, which account for a large share of the applications in the survey.”

Conventional loans composed 72.3 percent of loan applications, FHA loans composed 13.9 percent, RHS/USDA loans composed 1.0 percent and VA loans composed 12.7 percent. The average loan size of new homes decreased from $334,940 in August to $334,722 in September.

For additional information on MBA’s Builder Applications Survey, please click here.

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About Jeff Sorg

Jeff Sorg is a co-founder of OnlineEd®, an online real estate, mortgage broker, and vocational school founded in 1997, where he also serves as Chief Executive Officer, and School Director. Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses and has been awarded the International Distance Education Certification Center's CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus in the National Association, Life Member award in Portland Metro Association and Chairperson of the Oregon Real Estate Forms Committee. OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.