September Brings Slight Yearly Increase in New Home Purchase Mortgage Applications

Mortgage applications for new home purchases increased 3 percent this September, relative to September 2015, according to the Mortgage Bankers Association’s Builder Application Survey (BAS) data. Compared to August 2016, applications decreased by 7 percent. This change does not include any adjustment for typical seasonal patterns.
“After a strong start in 2016 and despite evidence of increasing costs, mortgage applications for new homes have maintained a pace modestly above 2015 rate