Mortgage Applications for New Home Purchases Decline Month-Over-Month and Year-Over-Year in September

According to the Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS) data for September, mortgage applications for new home purchases declined month-over-month by 7% and by 13.2% when compared to September 2021. This change does not include any adjustments for typical seasonal patterns.

Based on BAS data, the MBA is estimating new single-family home sales were running at a seasonally adjusted annual rate of 637,000 units in September. According to the MBA, the seasonally adjusted estimate for September is 8.9% below the August pace of 699,000 units. On an unadjusted basis, the MBA estimates that there were 52,000 new home sales in September, a decrease of 10.3% from 58,000 new home sales in August.