Mortgage size hits record high as rates slip

As rates slipped, the volume of Americans seeking mortgages rose — and the average size of loans hit a new high. Applications for mortgages to purchase homes increased 3 percent, seasonally adjusted, compared to the final week of August, according to the Mortgage Bankers Association weekly survey. The MBA metric, known as purchase index, is up 40 percent year-over-year, according to the association’s Joel Kan, head of industry forecasting, though he noted the timing of

source https://therealdeal.com/2020/09/09/size-of-home-loans-hits-record-high-as-rates-slip/