Mortgage Applications for New Home Purchases at 14-Year High

Mortgage applications for new home purchases rose 26% from February and 11% year-over-year, reaching the highest level since 2012. New single-family home sales increased to an annual rate of 717,000 units in March, up 11.9% from February. The average loan size slightly decreased. Government-backed loans (FHA, VA, USDA) made up over half of applications, supported by slower rate increases compared to conventional loans.