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Market Watch

New home purchase mortgage applications increased

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Market Watch
Monday, December 20, 2021

The Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS) showed mortgage applications for new home purchases decreased in October 2021 compared with last year but increased compared with September 2021. Not including any adjustment for typical seasonal patterns, the applications decreased 15.2 percent year-over-year, and increased 6 percent month-over-month.

“The strong monthly gain puts MBA’s estimate of new home sales at its strongest pace since January 2021,” MBA Associate Vice President of Economic and Industry Forecasting Joel Kan said in a release. “Purchase activity continues to be dominated by higher loan balance transactions, which pushed the average new home loan size up to over $412,000, another new record in the survey.

“Recent U.S. Census data show an increasing share of new sales are for homes yet to be built or still under construction, and a shrinking share of completed homes. Housing demand remains strong, and buyers are making quick decisions in a still very competitive market.”

According to the BAS, new single-family home sales ran at a seasonally adjusted annual rate of 897,000 units in October 2021, compared with the September pace of 843,000 units (a 6.4 percent increase). On an unadjusted basis, the association estimated 68,000 new home sales in October, compared with 66,000 the month before (a 3 percent increase).

“Homebuilders still face delays and challenges from supply-chain bottlenecks and rising costs,” Kan said. “Overall construction costs, as measured by the Producer Price Index, recorded an annual increase of 12.3 percent in October, which is almost five times the average annual change.”

When broken down by product type, conventional loans composed 75.7 percent of loan applications, Federal Housing Administration loans accounted for 13.5 percent, Department of Veterans Affairs composed 10.3 percent, and Rural Housing Service/United States Department of Agriculture accounted for 0.5 percent. The average loan size increased from $408,522 in September to $412,339 in October.

 

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