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Institutional Financial Analysis

Home/Real Estate/MORTGAGE APPLICATION VOLUME

New-Home Mortgage Demand Hits Record Index Level Despite Rising Rates

HD

Harper Drummond

mortgage application volume · Apr 15, 2026

New-Home Mortgage Demand Hits Record Index Level Despite Rising Rates

Source: DojiDoji Data Terminal

New-home purchase mortgage applications rose 26% from February, hitting their highest index level since the Mortgage Bankers Association's survey began in 2012. This surge in demand occurred as mortgage rates rose sharply in March.

Related Brief1d ago
mortgage rates

Rely Mortgage Rates Drop by Up to 0.54 Percentage Points

A one-year fixed mortgage rate from Rely is now 3.68%, a decrease of 0.54%. A two-year fixed rate is 3.80%, down 0.54%. A five-year fixed rate is 4.73%, down 0.49%. These changes follow a confirmation from Rely, part of OneSavings Bank, that it has reduced rates across its range, including limited edition products.

Buyers responded to rising rates and economic uncertainty by shifting toward newly built homes, supported by higher levels of unsold inventory in many markets. Some of which were move-in ready.

Related Brief1d ago
mortgage rates

Borrowers face diverging mortgage paths as lenders split on rate moves

Mortgage applicants now face a split market where timing and lender choice directly determine borrowing cost trajectory. Rely, part of OneSavings Bank, has cut rates across its fixed-term range: the one-year fixed rate drops 0.54 percentage points to 3.68%, the two-year to 3.80% (also down 0.54 points), and the five-year to 4.73%, a reduction of 0.49 points. These reductions apply to both standard and limited edition products. Leeds Building Society is moving in mixed directions—raising some residential fixed rates while reducing others. Selected limited company buy-to-let fixed rates fall by up to 0.23%, and affordable housing fixed rates drop by up to 0.35%. The society is also extending residential and interest-only mortgage end dates to July. Meanwhile, Clydesdale is increasing select product transfer rates: Core Residential two- and five-year fixed rates rise by up to 0.28%, and Core Buy to Let equivalents by up to 0.63%. To lock in current rates, applicants must submit by 8pm on 13 April. The lender is aligning its product end dates to 31 July of the relevant year. Borrowers face diverging mortgage paths as lenders split on rate moves.

Government-insured mortgages backed by the FHA and VA loans comprised more than 50% of overall new-home purchase applications for the third consecutive month. Mortgage rates for these products have not risen as quickly as conventional mortgages eligible for purchase by Fannie Mae and Freddie Mac.

Related Brief2h ago
mortgages

Parental Co-signing Boosts First-Time Buyer Purchasing Power by 72%

First-time homebuyers in Canada are purchasing homes worth $787,000 on average when a parent co-signs their mortgage, compared to $458,000 without a co-signer. This 72 per cent increase in purchasing power allows adult children to take on larger mortgages than they could afford on their own. The Bank of Canada reports that the share of first-time buyer mortgages co-signed by parents rose from 4 per cent in 2004 to 11 per cent in 2025. The practice is most prevalent in expensive markets like Toronto and Vancouver, and among buyers who are younger, have lower credit scores, and lower incomes. In 74 per cent of cases, adult children would not have qualified for mortgages without parental assistance. This financial linkage leaves both the first-time buyer and the parents more vulnerable to a sharp deterioration in either party's financial situation.

New-home sales ran at a projected annual pace of 717,000 units in March, a nearly 12% jump from the 641,000-unit pace in February. The number of newly built homes sold rose from 57,000 in February to 69,000 in March.

Related Brief1d ago
mortgage lending

AI-driven document verification reduces mortgage application abandonment

Borrower abandonment during the application process decreases when lenders reduce the friction of fragmented application journeys. These journeys become faster and less fragmented as lenders process information more efficiently. This efficiency is driven by the reduction of manual review for routine administrative tasks. Lenders achieve this by integrating AI-powered systems for document processing that automatically verify whether documents are correct, confirm they cover the required time period, and identify inconsistencies.

mortgage application volume

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