Average New Home Loan Size Hit Record High in July

Average New Home Loan Size Hit Record High in July
A "For Sale" sign is seen near a house in South Pasadena, Calif., on April 24, 2020. Frederic J. Brown/AFP via Getty Images
Tom Ozimek
Tom Ozimek
Reporter
|Updated:

The average new home loan size rose to a record in July as the housing supply crunch drove more prospective buyers to turn to newly built homes, according to the Mortgage Bankers Association (MBA).

The increase in average loan size occurred as the number of mortgage applications for new home purchases fell by a seasonally unadjusted 4 percent between June and July, MBA said in a statement.

Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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