New home purchase mortgage application volume increased month-over-month in February, as mild weather and low rates encouraged a busy start to the spring buying season, the Mortgage Bankers Association said.
Applications submitted to the mortgage origination affiliates of homebuilders rose 24% on an unadjusted basis
New home sales for single-family units totaled 544,000 units in February, a 12% rise compared to a year ago. Average loan size rose 0.8% to $328,370 on a monthly basis.
Conventional loans made up 67.7% of loan applications. FHA loans were 18.7%, VA loans were 12.8% and USDA loans were 0.8%, the MBA said in its monthly Builder Application Survey.
