Mortgage Applications For New Homes Soar Year Over Year Despite Seasonal Dip

With homeowners who have low mortgage rates sitting on the sidelines, mortgage applications for newly built homes are surging. Mortgage applications for new home purchases rose 22.2% in December compared to a year ago, according to Mortgage Bankers Association (MBA) data from December. Applications decreased by 4% from November. The change doesn't include adjustments for typical seasonal patterns. "The low level of existing homes for sale continues to divert prospective buyers to newly built hom