Builder Applications Hint at Strong Spring New Home Sales

Posted To: MND NewsWire

Applications for financing new home purchases were up significantly in March. The Mortgage Bankers Association (MBA) reports that Builder Application Survey (BAS) data for the month shows a 7 percent increase in those applications compared to March 2018 and a 19 percent gain over February . The application data is not adjusted for seasonal variations. "With a strong job market, rising wages and lower mortgage rates, housing demand remains strong, as shown by the solid 7 percent growth in new home purchase applications in March," said Mike Fratantoni, MBA Senior Vice President and Chief Economist. "The confluence of declining mortgage rates with the spring buying season is supporting stronger housing demand and activity. Additionally, the drop in average loan size suggests that builders are...(read more)

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