Despite the fact the number of new homes on the market across the country hit a 13-year high in October, and inventory levels were 37 percent higher than at the same time last year, mortgage application activity to purchase said homes slipped 3 percent last month and was down 2.2 percent on a year-over-year basis, according to the Mortgage Bankers Association.

At the same time, while the average loan size inched up 0.5 percent to a record high of $414,114, the rise in the average loan amount is still being driven by a change in the mix, with “a [continued] shift to the higher end of the market,” per the MBA, a key trend which shouldn’t catch (too many) plugged-in readers by surprise.

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