Mortgage applications for new home purchases rose 12% year over year in November, according to data from the Mortgage Bankers Association.
“Mortgage applications for new homes continued to grow on a year-over-year basis in November, driven by continued improvement in the overall economy and job growth,” Lynn Fisher, MBA’s vice president of research and economics, said in a news release.
Conventional loans comprised 67.3% of these applications, while FHA loans made up 18.3% and VA loans represented 13.8% of new home purchase applications, the MBA reported based on data from its Builder Applications Survey.
Rural Housing Service/USDA loans also composed 0.7%.
The rate of home sales ticked up 7.5% from October’s pace to a seasonally adjusted annual rate of 588,000 units, the MBA estimated. Loan size, however, fell slightly on average to $329,389 in November from $329,634 a month earlier.