Applications for new home purchases jumped 8% in October

mortgage appHousingWire

The Mortgage Bankers Association Builder Application Survey data for October 2014 shows mortgage applications for new home purchases increased by 8% relative to the previous month.

This change does not include any adjustment for typical seasonal patterns.

By product type, conventional loans composed 68.2% of loan applications, FHA loans composed 16.2%, RHS/USDA loans composed 1.5% and VA loans composed 14.2%. The average loan size of new homes increased from $298,274 in September to $300,289 in October.

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