{"id":18905,"date":"2021-05-25T11:50:21","date_gmt":"2021-05-25T11:50:21","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=18905"},"modified":"2021-05-25T11:50:21","modified_gmt":"2021-05-25T11:50:21","slug":"buyers-seek-larger-mortgages-as-home-prices-surge","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/buyers-seek-larger-mortgages-as-home-prices-surge\/","title":{"rendered":"Buyers Seek Larger Mortgages as Home Prices Surge"},"content":{"rendered":"

Buyers Seek Larger Mortgages as Home Prices Surge<\/h1>\n
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Home prices have significantly jumped over the past year, forcing home buyers to borrow more to keep up. The average mortgage purchase application reached $411,400, the highest since February, according to the Mortgage Bankers Association. The average loan for a new home rose to $377,000 last month, a record high.<\/p>\n

Home prices are climbing at their fastest pace in more than 15 years. While low mortgage rates are helping to offset some of those higher prices for successful buyers, mortgage rates are predicted to head up soon. The 30-year fixed-rate mortgage averaged 3% this week, up from 2.94% the week prior, according to Freddie Mac.<\/p>\n

\u201cWe\u2019ve seen very red-hot house-price appreciation across the country\u2014double digits nationally,\u201d says Len Kiefer, deputy chief economist at Freddie Mac. \u201cThat puts pressure on loan sizes because, to purchase a home at a higher price, you\u2019re going to need to borrow more money.\u201d Also, more homeowners have been upsizing since the beginning of the pandemic.<\/p>\n

But to get these larger mortgages, borrowers will need stellar credit to qualify, Odeta Kushi, deputy chief economist at First American, a title insurance company, told MarketPlace. The median credit score for applicants for new mortgages was 788 in the first quarter of this year, up from 773 a year earlier.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cHomebuyers Are Applying for Ever Bigger Mortgages as Home Prices Soar<\/a>,\u201d CNBC (May 19, 2021) and \u201cAs Home Prices Rise, So Does Mortgage Debt<\/a>,\u201d MarketPlace (May 20, 2021)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Buyers Seek Larger Mortgages as Home Prices Surge Home prices have significantly jumped over the past year, forcing home buyers to borrow more to keep up. The average mortgage purchase application reached $411,400, the highest since February, according to the Mortgage Bankers Association. The average loan for a new home rose to $377,000 last month, … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-18905","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nBuyers Seek Larger Mortgages as Home Prices Surge - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/buyers-seek-larger-mortgages-as-home-prices-surge\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-seek-larger-mortgages-as-home-prices-surge\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-seek-larger-mortgages-as-home-prices-surge\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Buyers Seek Larger Mortgages as Home Prices Surge\",\"datePublished\":\"2021-05-25T11:50:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-seek-larger-mortgages-as-home-prices-surge\\\/\"},\"wordCount\":255,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-seek-larger-mortgages-as-home-prices-surge\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-seek-larger-mortgages-as-home-prices-surge\\\/\",\"name\":\"Buyers Seek Larger Mortgages as Home Prices Surge - 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