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New-home mortgage applications fall in November

Mortgage applications for new-home purchases fell over the month of November, but remain solidly ahead of the pace a year ago, the Mortgage Bankers Association (MBA) reported.

MBA said mortgage applications declined 6 percent from the October level, but were up 12.2 percent from a year earlier.

The trade group estimated that new-home sales were on an annual adjusted pace of 663,000 units in November, up 0.6 percent from October. On an unadjusted pace, MBA estimated 47,000 new-home sales in November, down 11.3 percent from the October level.

 "New homes sales continued to recover in November from the impact of hurricanes, up just a bit on a seasonally adjusted basis over the month, and nearly 13 percent higher than a year ago, according to our projections from monthly application activity," said Lynn Fisher, MBA’s vice president of research and economics. "Looking ahead to 2018, filling open construction jobs will remain a main challenge for the home building industry." 

The average loan size decreased marginally to $337,427 in November. 


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