{"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 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