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New-home mortgage applications rise again


Mortgage applications for new homes rose again in February after posting a strong pace to begin the year, the Mortgage Bankers Association (MBA) reported.

New-home applications increased 3 percent over the January level, and were up 4.6 percent year over year, MBA said.

“Mortgage applications for new homes continued to grow in February on a year over year basis, although at a slower pace of just under 5 percent, as brisk activity in January likely pulled forward some buyer activity,” said Lynn Fisher, MBA’s vice president of research and economics. “Combined, applications in January and February were up by 11 percent relative the same period last year.”

MBA estimated that new-home sales were running at an annual pace of 632,000 in February, which was down 9.7 percent from the 700,000 unit pace in January. The especially strong January pace was influenced by an uptick in hurricane-related building, according to MBA. 


 

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