The mortgage industry experienced another annual increase in applications for newly built homes in June. This can be attributed to a combination of factors, including:
• High mortgage rates: Over the past several months, mortgage rates have been consistently high, indicating a strong market for homebuyers.
• Low existing inventory: The shortage of existing homes for sale has been widely reported throughout the real estate industry, forcing buyers to instead look to newly built homes.
These two factors appear to be having an effect on the new home market, leading to a significant rise in the number of applications from June to July. This rising trend continues a year-long trend of increased activity in the new home market. This increasing demand is likely to benefit both the real estate industry and mortgage lenders, helping to further bolster the overall housing market.
You can read this full article at: https://www.housingwire.com/articles/mortgage-demand-for-newly-built-homes-jumped-26-1-in-june/(subscription required)
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