Data from the Mortgage Bankers Association (MBA) reveals mortgage applications to buy a new home fell nine percent in August, according to nationalmortgagenews.com. New single-family home sales fell 2.1 percent from the July rate of 433,000 units, on a seasonally adjusted annual rate (SAAR), to 424,000 in August, while the average loan size for a new home increased one percent July to August, to $300,453. Conventional loans comprised the lion’s share of the mortgage apps at 68.9 percent, while Federal Housing Administration (FHA) accounted for 15.7 percent, and Veterans Affairs loans made up 14.3 percent. As MHProNews reported Aug. 21, 2014, existing home sales rose in July 2.4 percent over the previous month to a SAAR of 5.15 million. New home sales estimates are extracted from a survey that tracks application volume from a nationwide builders network. ##
