While the number of new homes on the market across the nation is approaching a 15-year high, with over 20 percent more inventory than at the same time last year, and new home purchase application volume “rebounded” one (1) percent from October to November with a drop in rates, mortgage loan application volume for new homes across the U.S. was down 25.2 percent on a year-over-year basis last month, according to data from the Mortgage Bankers Association.

At the same time, the average loan size dropped another 2 percent and is now 10 percent lower than just 8 months ago to its lowest level since June of 2021, having peaked in April of this year, a drop that shouldn’t have caught any plugged-in readers, other than the most obstinate, by surprise.

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