WASHINGTON– The Mortgage Bankers Association Builder Application Survey data for November 2025 shows mortgage applications for new home purchases increased 3.1% from a year ago. Compared to October 2025, applications decreased by 7%. This change does not include any adjustment for typical seasonal patterns.
“While the arrival date of official data from the Census Bureau on the pace of new home sales remains ‘TBD,’ according to the Census website, MBA’s Builder Application Survey data show that new home purchase activity was up 3% on an annual basis in November, and down 7% from the prior month,” said Mike Fratantoni, MBA’s SVP and chief economist. “Mortgage rates have remained in a narrow range, and inventories of both new and existing homes on the market have increased. Potential buyers have more homes to choose from, and this removal of supply constraints is leading to a stronger sales pace.”
“New homebuyers continue to look for ways to extend their purchasing power or lower monthly payments, with 37% of new homebuyers using a mortgage choosing an FHA loan, and 24% choosing an ARM loan," added Fratantoni.
MBA estimates new single-family home sales, which has consistently been a leading indicator of the U.S. Census Bureau’s New Residential Sales report, were running at a seasonally adjusted annual rate of 755,000 units in November 2025. The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors.
The seasonally adjusted estimate for November is a decrease of 2.1% from the October pace of 771,000 units. On an unadjusted basis, MBA estimates that there were 51,000 new home sales in November 2025, a decrease of 7.3% from 55,000 new home sales in October.
By product type, conventional loans composed 49.5% of loan applications, FHA loans composed 37.1%, RHS/USDA loans composed 0.7% and VA loans composed 12.7%. The average loan size for new homes decreased from $381,404 in October to $378,063 in November.