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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.