The term "new mortgage applications" refers to the number of new home loans that are being applied for by individuals or families. This is an important indicator of housing market activity and can provide insight into consumer confidence in the economy, as well as demand for home ownership. When there is a high number of new mortgage applications, it suggests that many people are interested in purchasing homes, which can drive up property values and stimulate economic growth. Conversely, when there are few or no new mortgage applications, it may indicate a lack of interest in buying homes, which could lead to decreased demand for housing and potentially lower property values.