New-home applications fall as summer season slips away

Drop in loan applications for newly built homes in line with overall slowdown in purchase mortgage market, MBA says

As mortgage applications for existing homes are flattening out, applications for newly built homes are decreasing, the Mortgage Bankers Association (MBA) reported this week. New-home applications fell by 4 percent from June to July and are in line with the overall slowdown we’re seeing in the purchase mortgage market, the association said as it released its monthly Builder Application Survey.