{"id":19984,"date":"2022-01-25T14:36:13","date_gmt":"2022-01-25T14:36:13","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=19984"},"modified":"2022-01-25T14:36:15","modified_gmt":"2022-01-25T14:36:15","slug":"home-buyers-taking-on-supersized-loans","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/home-buyers-taking-on-supersized-loans\/","title":{"rendered":"Home Buyers Taking on Supersized Loans"},"content":{"rendered":"\n

Applications to purchase new homes remain skewed toward higher-priced homes, the Mortgage Bankers Association reports.<\/p>\n\n\n\n

The average loan size for a new home soared to a record high last month, reaching $423,102, the MBA reports. That marks an increase from $414,114 in November on new-home loan sizes.<\/p>\n\n\n\n

Higher sales prices are following higher building costs. They\u2019re also sidelining the buyers who are priced out of a new home. Mortgage applications for new-home purchases fell 5% in December 2021 compared to November and are down by 7.1% from December 2020.<\/p>\n\n\n\n

\u201cApplications to buy a new home slowed in December, while the activity remains tilted to higher-priced homes,\u201d says Joel Kan, the MBA\u2019s associate vice president of economic and industry forecasting. \u201cSupply chain challenges, labor shortages, and higher materials costs also contributed to last month\u2019s decline, as projects were delayed or cost more to complete.\u201d<\/p>\n\n\n\n

The MBA also recently reported a record high average dollar amount of a mortgage purchase application overall<\/a>\u2014for both existing and new homes\u2014to $418,500.<\/p>\n\n\n\n

\u201cThe continued rise in purchase loan application sizes is driven by high home price appreciation and the lack of housing inventory on the market\u2014especially for entry-level homes,\u201d Kan said.<\/p>\n\n\n\n

The larger loan balances also are occurring while government loans are making up a lesser share. On new-home applications, conventional loans comprised 77% of loan applications, while FHA loans accounted for 12.6%, VA loans 9.8%, and USDA\/RHS 0.4%. Source:\u00a0\u201cMBA Says New Home Sales Tilting to Higher Priced Properties<\/a>,\u201d Mortgage News Daily (Jan. 21, 2022)<\/p>\n\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

Applications to purchase new homes remain skewed toward higher-priced homes, the Mortgage Bankers Association reports. The average loan size for a new home soared to a record high last month, reaching $423,102, the MBA reports. That marks an increase from $414,114 in November on new-home loan sizes. Higher sales prices are following higher building costs. … <\/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-19984","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":"\nHome Buyers Taking on Supersized Loans - 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\/home-buyers-taking-on-supersized-loans\/\" \/>\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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-buyers-taking-on-supersized-loans\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-buyers-taking-on-supersized-loans\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Home Buyers Taking on Supersized Loans\",\"datePublished\":\"2022-01-25T14:36:13+00:00\",\"dateModified\":\"2022-01-25T14:36:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-buyers-taking-on-supersized-loans\\\/\"},\"wordCount\":258,\"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\\\/home-buyers-taking-on-supersized-loans\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-buyers-taking-on-supersized-loans\\\/\",\"name\":\"Home Buyers Taking on Supersized Loans - 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