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New Home Mortgage Applications & Refinance Applications Increase as Prices Recover

application [1]Mortgage applications for new home purchases and refinance applications both experienced increases as home prices recover, according to the Mortgage Bankers Association [2] (MBA) June 2015 Builder Application Survey [3] (BAS) and Weekly Mortgage Applications Survey [4] for the week ending July 10, 2015.

The Builder Application Survey shows that mortgage applications for new home purchases increased by 1 percent relative to the previous month, and this change does not include any adjustment for typical seasonal patterns.

"As house prices continue to recover, mortgage applications for the purchase of newly constructed homes increased slightly in June,” said Lynn Fisher, MBA's VP of research and economics. “Application activity in June was slightly higher compared to the past two years, leading us to estimate that new homes sales increased 8 percent from May on a seasonally adjusted annual basis."

MBA Builder Application Survey Highlights:

According to the MBA Weekly Mortgage Applications Survey, mortgage applications decreased 1.9 percent from one week earlier. On an unadjusted basis, the index increased 9 percent compared with the previous week. The refinance index increased 4 percent from the previous week. The seasonally adjusted purchase index decreased 8 percent from one week earlier. The unadjusted purchase index increased 3 percent compared with the previous week and was 17 percent higher than the same week one year ago.

MBA Weekly Mortgage Applications Survey Highlights:

Click here to view the Builder Application Survey. [3]

Click here to view the MBA Weekly Mortgage Applications Survey. [4]