The Mortgage Bankers Association Builder Application Survey data for December 2023 shows mortgage applications for new home purchases increased 22.2% compared from a year ago. Compared to November 2023, applications decreased by 4%. This change does not include any adjustment for typical seasonal patterns.

Following a joint comment letter with other trade groups submitted last week, the Mortgage Bankers Association also outlined more in depth concerns about the Notice of Proposed Rulemaking regarding the implementation of the final components of the Basel III standards in a separate letter Tuesday.

Mike Fratantoni, MBA Chief Economist and Senior Vice President of Research and Industry Technology, continued to forecast 2024 growth in both purchases and refinances while speaking on a Jan. 16 webinar panel hosted by Snapdocs, Covina, Calif.