By Jann Swanson | Mortgage News Daily
Mortgage applications for new home purchases surged in January according to data from the Mortgage Bankers Association’s (MBA’s) Builder Application Survey (BAS). The survey of mortgage subsidiaries of home builders is used by MBA to project new home sales for the month.
January applications were up 22 percent compared to December, MBA said, and were 9.2 percent higher than in January 2016. The month-over-month change does not include any adjustment for typical seasonal patterns.