For US consumers applying for a new mortgage to buy a home or refinance one, the average size of said mortgage hit a record high of $354,500 last week. The rise hints that first-time buyers face a challenge in finding their home of choice heading into spring, which is typically the busiest time of the year for home sales, said the Mortgage Bankers Association
“With more inventory in their price range compared to first-time buyers, move-up and higher-end buyers continue to have strong success finding a home,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement. The MBA’s seasonally adjusted index of loan applications to buy a home grew 4.3 percent to 250.8 in the week ended March 8.