Key facts
- New home mortgage applications fell 8% from August.
- Applications declined 8.3% year-over-year in September.
- New single-family home sales estimated at 584,000 units SAAR in September.
New home mortgage applications fell 8% in September as rates rose
IN SHORT
Mortgage applications for new home purchases dropped 8% from August and 8.3% year-over-year in September, according to the Mortgage Bankers Association. The trade group estimated new single-family home sales at a seasonally adjusted annual rate of 584,000 units in September, down 12% from August, marking the weakest pace since April 2020.
Key Numbers
8%New home mortgage applications decline from August
8.3%New home mortgage applications decline year-over-year
584,000New single-family home sales SAAR in September
12%New single-family home sales decline from August
$374,724Average loan size for new homes in September
Who's Involved
Mortgage Bankers Association
released data on new home mortgage applications and sales
Joel Kan
MBA's vice president and deputy chief economist
↳ Why This Matters
Rising mortgage rates and declining new home sales indicate a cooling housing market, potentially impacting homebuilder revenues and broader economic activity.