Applications decreased by 20 percent when compared to August 2017
By Jeff Sorg, OnlineEd Blog
(October 13, 2017)
The Mortgage Bankers Association (MBA) Builder Applications Survey (BAS) data for September 2017 shows mortgage applications for new home purchases decreased 7.5 percent when compared to September 2016. Additionally, applications decreased by 20 percent when compared to August 2017. This change does not include any adjustment for typical seasonal patterns.
“Applications for new home purchases were down year over year in large part due the impacts of hurricane activity,” said Lynn Fisher, MBA’s Vice President of Research and Economics. “In particular monthly applications fell by 37 percent in Florida and 11 percent in Texas, which account for a large share of the applications in the survey.”
Conventional loans composed 72.3 percent of loan applications, FHA loans composed 13.9 percent, RHS/USDA loans composed 1.0 percent and VA loans composed 12.7 percent. The average loan size of new homes decreased from $334,940 in August to $334,722 in September.
For additional information on MBA’s Builder Applications Survey, please click here.
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Jeff Sorg is a co-founder of OnlineEd®, a Web-based vocational school founded in 1997 where he also serves as Corporate Secretary, Chief Operating Officer, and School Director. Sorg holds vocational instructor licenses in Oregon, Washington, California, and Nevada and has authored numerous pre-licensing and continuing education courses. Sorg was awarded the International Distance Education Certification Center’s CDEi Designation for distance education in 2008-2018.
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