Mortgage applications for new home purchases rose 3.8% year over year in May but fell 3% from April. New home sales slowed to an estimated annual rate of 642,000 units, down 2% from April. Higher prices, economic uncertainty, and mortgage rates over 6.5% contributed to buyer hesitation. Conventional loans made up 49.6% of applications, FHA 35.6%, VA 13.7%, and USDA 1.1%. The average loan size dropped to $372,825.
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