May Purchase Mortgage Applications Increase 10.9%

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Real Estate

May New Home Purchase Mortgage Applications Increased 10.9 Percent. The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for May 2020 shows mortgage applications for new home purchases increased 10.9 percent compared from a year ago. Compared to April 2020, applications increased by 26 percent. This change does not include any adjustment for typical seasonal patterns. "The solid increase in new home purchase applications in May is another indication of a recovery in the housing market. MBA estimates that new home sales rebounded 26 percent last month - a healthy turnaround after three months of declines,"

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