Mortgage applications for new home purchases started the new year on a strong note, posting solid increases from both a month ago and a year ago, the Mortgage Bankers Association reported this morning.

Last week, the Trump administration released its annual budget proposal for fiscal year 2021. In addition, Fannie Mae, Freddie Mac and Ginnie Mae announced a new certification requirement associated with submission of the Quarterly Mortgage Bankers’ Financial Reporting Form; and Federal Reserve Chairman Jerome Powell testified before the House Financial Services and Senate Banking Committees on current monetary policy and the state of the economy.

Last week MBA released its latest National Delinquency Survey for the fourth quarter. Mortgage delinquencies track closely to the U.S. unemployment rate, and with unemployment at historic lows, it’s no surprise to see so many households paying their mortgage on time.