Builder Application Survey News Today

BofA is betting the Federal Reserve will make only one cut to the federal funds rate by the end of this year. MBA says originators are in for a $1.6 to $1.8 trillion year.

Mortgage applications for new-home purchases rose 6.2% in March, according to data from the MBA’s Builder Application Survey.

Mortgage applications for new homes surged in January as a lack of existing homes continued to fuel the demand for new construction.

Applications for new-home purchases jumped 22.2% in December 2023 compared to a year ago.

Mortgage demand for new homes jumped nearly 40% in October YoY as the inventory for existing homes remained depleted.

With demand for homes high and inventory for existing homes stubbornly scarce, many homebuyers continue to turn to new construction.

Number of single-family home sales also rises

The decline in loan activity and softening prices also helped drive down builder sentiment for the 11th month in a row.

The MBA promoted Joel Kan to vice president and deputy chief economist, and Heather Messam to vice president and controller.

While several single-family indicators rose compared with July, homebuilder authorizations for new construction continued to lag.