Talking Points …
- Despite dropping 6 percent, mortgage applications for new home purchases still came in better than expected, the Mortgage Bankers Association’s Builder Application Survey data for November 2015.
- Broken up by product type, conventional loans composed 68.4 percent of loan applications, FHA loans composed 18.1 percent, RHS/USDA loans composed 0.9 percent and VA loans composed 12.6 percent.
- Additionally, the average loan size of new homes decreased from $320,881 in October to $320,854 in November.