The Mortgage Bankers Association's (MBA's) Builder Application Suruey for November showed a decline of 18 percent in loan applications for buying new homes compared with October. The data does not include any adjustment for seasonal patterns, MBA said. Applications for conventional loans made up 66.2 percent of the total, while Federal Housing Administration (FHA) loans accounted for 19.9 percent and Department of Veterans Affairs (VA) loans represented 12.9 percent of the total. The rest (1.1 percent) consisted of loan applications for U.S. Department of Agriculture mortgage loans under the Rural Housing Service (RHS). The average loan size for buying new homes, according to the survey, was $295,523 in November. That was up from $294,480 in October, according to MBA. The association estimates that sales of new single-family homes were running at a seasonally adjusted annual rate of 455,000 in November. MBA estimates there were 32,000 newhome sales on an unadjusted basis in November.
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