{"id":5659,"date":"2021-10-04T15:07:09","date_gmt":"2021-10-04T20:07:09","guid":{"rendered":"https:\/\/nwfl4sale.com\/average-mortgage-amount-increases-to-410000\/"},"modified":"2021-10-04T15:07:09","modified_gmt":"2021-10-04T20:07:09","slug":"average-mortgage-amount-increases-to-410000","status":"publish","type":"post","link":"https:\/\/nwfl4sale.com\/average-mortgage-amount-increases-to-410000\/","title":{"rendered":"Average Mortgage Amount Increases to $410,000"},"content":{"rendered":"

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Mortgage Bankers Association: With home price appreciation continuing to rise, last week\u2019s average now marks the highest average mortgage amount since May.<\/span><\/span><\/span><\/p>\n<\/div>\n

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WASHINGTON \u2013 The dollar value of mortgages that home buyers are taking out is soaring as they try to afford higher home prices.<\/span><\/span><\/span><\/p>\n

The average amount for a mortgage averaged $410,000 last week, according to data from the Mortgage Bankers Association. That marks the highest average mortgage amount since May.<\/span><\/span><\/span><\/p>\n

\u201cWith home price appreciation continuing to run hot, increasing more than 19% annually in July, applications for larger loan amounts continue to outpace lower-balance loans,\u201d says Joel Kan, the MBA\u2019s associate vice president of economic and industry forecasting.<\/span><\/span><\/span><\/p>\n

While home prices continue to rise, they are inching up by smaller annual gains than they have been. The National Association of REALTORS\u00ae reported a 14.9% annual gain in home prices for August\u2019s existing-home sales.<\/span><\/span><\/span><\/p>\n

Also, more housing inventory is coming onto the market. Nearly one-third of the 50 largest metros saw increases in the number of newly listed homes compared to last year<\/span>, according to a new report from realtor.com<\/span>\u00ae<\/span><\/span><\/span><\/span><\/span>. That said, there are still fewer homes for sale than a year ago.<\/span><\/span><\/span><\/p>\n

As buyers face higher home prices, they\u2019ll need to set a budget and stick to it as they continue to face competition for homes. Most financial experts recommend homeowners limit their spending to 30% of their take-home pay for housing. That 30% also considers additional expenses of homeownership, like property taxes, homeowners insurance, private mortgage insurance (if applicable), and homeowners association fees.<\/span><\/span><\/span><\/p>\n

Source: \u201cThis Is the Average Mortgage Borrowers Are Taking Out. Can You Afford It?\u201d The Ascent\/Motley Fool (Sept. 30, 2021) and Mortgage Bankers Association<\/span><\/span><\/span><\/p>\n

\u00a9 Copyright 2021 INFORMATION, INC. Bethesda, MD (301) 215-4688<\/span><\/span><\/p>\n<\/div><\/div>\n

Go to Source<\/a>
\nAuthor: marlam<\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage Bankers Association: With home price appreciation continuing to rise, last week\u2019s average now marks the highest average mortgage amount since May. WASHINGTON \u2013 The dollar value of mortgages that home buyers are taking out is soaring as they try to afford higher home prices. The average amount for a mortgage averaged $410,000 last week, according to data from the Mortgage Bankers Association. That marks the highest average mortgage amount since May. \u201cWith home price appreciation continuing to run hot, increasing more than 19% annually in July, applications for larger loan amounts continue to outpace lower-balance loans,\u201d says Joel Kan, the MBA\u2019s associate vice president of economic and industry forecasting. While home prices continue to rise, they are inching up by smaller annual gains than they have been. The National Association of REALTORS\u00ae reported a 14.9% annual gain in home prices for August\u2019s existing-home sales. Also, more housing inventory is coming onto the market. Nearly one-third of the 50 largest metros saw increases in the number of newly listed homes compared to last year, according to a new report from realtor.com\u00ae. That said, there are still fewer homes for sale than a year ago. As buyers face higher home prices, they\u2019ll need to set a budget and stick to it as they continue to face competition for homes. Most financial experts recommend homeowners limit their spending to 30% of their take-home pay for housing. That 30% also considers additional expenses of homeownership, like property taxes, homeowners insurance, private mortgage insurance (if applicable), and homeowners association fees. Source: \u201cThis Is the Average Mortgage Borrowers Are Taking Out. Can You Afford It?\u201d The Ascent\/Motley Fool (Sept. 30, 2021) and Mortgage Bankers Association \u00a9 Copyright 2021 INFORMATION, INC. Bethesda, MD (301) 215-4688 Go to Source Author: marlam<\/p>\n","protected":false},"author":4,"featured_media":5660,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/5659"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=5659"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/5659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/5660"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=5659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=5659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=5659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}