By Trey Garrison | HousingWire
Mortgage applications for new home purchases plunged 22% relative to the previous month, according to the Mortgage Bankers Association.
This change does not include any adjustment for typical seasonal patterns.
“Following strong new home sales in October, our data shows November sales volume dropped significantly,” said Mike Fratantoni, MBA’s chief economist. “Average loan size increased to almost $307,000 in November from roughly $300,000 in October, indicating that builders are having greater success with higher priced homes and difficulty at the entry level, as first-time buyers continued to face tight credit conditions.”
