Mortgage applications for new home purchases increased 5.5 percent compared to a year ago, according to new data released by the Mortgage Bankers Association (MBA) on April 18.
“Applications for new home purchases increased in March, consistent with typical seasonal patterns and supported by mortgage rates that had been drifting lower,” said Joel Kan, MBA’s vice president and deputy chief economist. “The growing inventory of newly built, move-in ready homes supported homebuyer interest over the month, pushing the index higher than last year’s levels. Our estimate of seasonally adjusted new home sales saw a slight decline in March but were stronger than last year’s pace of sales.”…