New Home Sales Up 3% YoY; Mortgage Rates Lowest in More Than a Week

New Home Sales Up 3% YoY; Mortgage Rates Lowest in More Than a Week

New home sales are projected to have increased again in February. The Mortgage Bankers Association (MBA) said that based on its Builder Applications Survey (BAS) it anticipates those sales grew 4.6 percent compared to January and were 3 percent higher on a year-over-year basis . These numbers do not include any adjustment for typical seasonal patterns. When seasonally adjusted, the February estimate is down from 700,000 in January, a decrease of 9.7 percent. On an unadjusted basis MBA estimates there were 55,000 new homes sold during the month. This is an increase of 1.9 percent from 54,000 new home sales in January. "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