Purchase Mortgage Activity Down 17 Percent for New Homes

While purchase mortgage application volumes for new home purchases across the nation ticked up 9 percent from July to August, application volumes were down 17 percent on a year-over-year basis, according to the Mortgage Bankers Association and despite the fact that there were over 26 percent more new homes on the market at the end of July than there were at the same time last year and the most new home inventory in over a decade.