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Lowest Rates IN a Month; New Home Sales, Prices Faded in October; FHA Fund is Killing It

Lowest Rates IN a Month; New Home Sales, Prices Faded in October; FHA Fund is Killing It

The Mortgage Bankers Association (MBA) notes that applications for the purchase of new homes declined by 2.1 percent in October compared to the same month in 2017. Those applications were also 11 percent lower than in September. The information, taken from responses to MBA's Builder Application Survey, does not include any adjustment for seasonal patterns. Based on the survey results and other assumptions including about market coverage, MBA estimates that new single-family home sales were at a seasonally adjusted rate of 673,000 in October, an increase of 4.7 percent from the September sales rate of 643,000 units. On an unadjusted basis, the MBA projects 53,000 new home sales occurred during the month, up by 6 percent from 50,000 sales in September. Conventional loan applications accounted
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