WHAT YOU SHOULD KNOW

• According to the February Mortgage Bankers Association Builder Application Survey, new homepurchases surged 24 percent in February, kicking off the spring buying season.

• Conventional loans composed 67.7 percent of loan applications, RIA loans composed 18.7
percent, RHS/USDA loans composed 0.8 percent, and VA loans composed 12.8 percent. These
levels are not too different from the month prior.

• The average loan size of new homes increased from $325,806 in January to $328,370 inFebruary.