Applications for mortgages for new purchases fell 4% in July compared to June, according to the Mortgage Bankers Association.
New-home sales rose 7.7% on a seasonally adjusted basis, according to the MBA's
"Mortgage applications to homebuilder subsidiaries for new homes declined at a rate in line with the slowdown observed in the overall purchase mortgage market," Lynn Fisher, vice president of research and economics at the MBA, said in a news release.
Conventional loans made up 63.4% of all loan applications, FHA loans were 18.8%, RHS/USDA loans were 4.9% and VA loans were 12.9%.
The average size of loans for new homes fell 1.5% to $316,995.
The MBA's Builder Application Survey tracks application volume from mortgage subsidiaries of homebuilders nationwide.
