Applications for New Home Purchases Decrease in May

In May, mortgage applications for new home purchases decreased by 6 percent relative to the previous month, according to the Mortgage Bankers Association (MBA) Builder Application Survey (BAS).This change does not include any adjustment for typical seasonal patterns.
“Despite applications being down in May, each month this year has seen positive year over year growth in mortgage applications for new homes, and we expect modest growth in housing starts to be reported later this week as the