MBA Reports Double Digit Jump in New Home Purchase Applications

Posted To: MND NewsWire

New home sales are expecting to post an increase of 15.9 percent in February as compared to the previous month. The Mortgage Bankers Association (MBA) said, on a non-seasonally adjusted basis there were an estimated 51,000 new home sales during the month, up from 44,000 sales in January. MBA says this would mark gain of 2.2 percent from February 2016. On a seasonally adjusted basis, MBA estimates the increase from January to February was 4.3 percent, from an annual rate of 562,000 to 586,000 units. MBA bases its unofficial estimate of sales on its Builder Application Survey which tracks application volume from mortgage subsidiaries of home builders across the country, as well as on assumptions regarding market coverage and other data. Official estimates of new home sales are reported by the…(read more)

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Source: Mortgage News Daily

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