Though there was a 6 percent fall in new home purchases in November, the Mortgage Bankers Association reported that sales still were better than expected.
“This is a very good result considering the time of year. On a seasonally adjusted basis, we estimate that there were 524,000 new home sales in November, up 5.9% from our October estimate of 495,000, and up 31 percent from November a year ago,” MBA’s vice president of Research and Economics, told HousingWire.
Mortgage applications fell 8 percent from the previous month, which according to HousingWire, may be “due to TRID going into effect during the month.”
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