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New-home Mortgage Applications And Loan Amounts Are On The Rise

The number of new-home mortgage applications and loan amounts are on the rise, along with the loan amounts, according to a recent report from National Mortgage News.

"New-home purchase applications grew 3% in February from a year ago and jumped 6% from the previous month," according to research from the Mortgage Bankers Association.

"The average loan size for these new construction homes increased to $340,692 in February from $334,532 in January."

The increase comes from a domino driven by consumer interest in new housing. With added interest, builders are increasingly motivated to continue construction. This ultimately increases the amount of inventory on the market, relieving some of the inventory strains that plagued the industry.

"We are starting to see signs of more new residential construction and inventory, which increases buying opportunities for the many home shoppers who have been hampered by the ongoing lack of supply," said Joel Kan, the MBA's associate vice president of economic and industry forecasting, according to NMN.

To learn more about the rise in new-home mortgage applications and loan amounts, click on the image above.

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