Mortgage applications for new home purchases fell in May from the previous month, according to the Mortgage Bankers Association's Builder Application Survey.
The MBA reported that applications fell 6% from April, but were up 8% from a year ago in May. The comparisons do not adjust for seasonal patterns.
New single-family home sales were running at a seasonally adjusted annual rate of 488,000 units last month, the MBA also said Tuesday. That's down from the pace of 503,000 units set in April.
Conventional loans made up the lion's share of applications, at 68.4%. FHA loans followed at 17.6%, while VA loans represented 13.4% of applications and USDA loans composed 0.6%. The average loan size increased to $328,032 from $325,233 in April.
