July 22, 2014 | Updated 4:24pm

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Thursday, July 10, 2014, 11:28am

MBA: New Home Purchase Applications Decrease In June

A new survey of home builders by the Mortgage Bankers Association (MBA) shows mortgage applications for new home purchases decreased by 5 percent in June compared with May. The change does not include any adjustment for typical seasonal patterns.

Conventional loans composed 67.2 percent of new home loan applications, FHA loans composed 17 percent, RHS/USDA loans composed 1.2 percent and VA loans composed 14.6 percent. The average loan size of new homes decreased to $296,078 in June from $296,427 in May.

The MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 386,000 units in June. That's an increase of 3.2 percent from the May pace of 374,000 units. On an unadjusted basis, the MBA estimates that there were 36,000 new home sales in June 2014, unchanged from 36,000 new home sales in May.


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