Mortgage applications for new-home purchases leap

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Applications for mortgages to purchase new homes jumped 11 percent month over month in October, according to the Mortgage Bankers Association’s (MBA) latest Builder Application Survey.

During the same period, seasonally unadjusted sales of new homes clocked in at 40,000. On a seasonally adjusted basis, sales of new single-family homes registered an annual rate of 509,000.

Source: MBA