Home-Loan Applications for New Houses Fall 15%, MBA Says

Loan applications for purchases of new U.S. homes tumbled last month, a sign rising mortgage rates may have damped demand for builders, according an index released today by the Mortgage Bankers Association.

The Builder Application Survey showed a 15 percent decline in loan submissions in June from the previous month, the Washington-based group said in a statement. The newly created gauge tracks application volume predominantly from mortgage units of large homebuilders across the country.