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New-home loan applications fall in December

Mortgage applications for newly built homes fell sharply in December from a month earlier, but ran ahead of the pace a year ago, the Mortgage Bankers Association (MBA) reported.

New-home applications declined by 18 percent over an especially strong November. Year-over-year, applications increased by 7.8 percent, the trade group said.

"After playing catch-up for two months following the slowdown caused by hurricanes Harvey, Irma and Maria, mortgage applications for new homes declined in December to a more normal growth rate of 7.8 percent on a year over year basis," said Lynn Fisher, MBA’s vice president of Research and Economics.

The average loan size increased to $339,203, up from $337,427 in November.

MBA estimated that single-family home sales were on an annual pace of 554,000 units in December, down just over 16 percent from the November pace. 


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