Applications for loans to purchase new homes dropped 18 percent month over month in November, according to the Mortgage Bankers Association (MBA), though the recorded change did not factor in seasonal patterns.

By product type, 66.2 percent of applications for new-home purchase loans were for conventional loans, 19.9 percent for Federal Housing Administration (FHA) loans, 1.1 percent for Rural Housing Service (RHS)/U.S. Department of Agriculture (USDA) loans, and 12.9 percent for U.S. Department of Veterans Affairs (VA) loans, according to the MBA’s Builder Application Survey.

The average loan size for new homes rose marginally to $295,523 in November from $294,480 in October, the MBA said.

Source: MBA

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