{"id":3141,"date":"2017-04-07T00:00:00","date_gmt":"2017-04-07T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/americans-mortgages-are-the-biggest-ever\/"},"modified":"2017-04-07T00:00:00","modified_gmt":"2017-04-07T00:00:00","slug":"americans-mortgages-are-the-biggest-ever","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/americans-mortgages-are-the-biggest-ever\/","title":{"rendered":"Americans\u2019 Mortgages Are the Biggest, Ever"},"content":{"rendered":"

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The average size of a home loan<\/a> has swelled to the biggest amount on record, according to the Mortgage<\/a> Bankers Association\u2019s survey, which dates back to 1990. The larger mortgage size not only reflects Americans purchasing pricier properties, but also shows they\u2019re more leveraged now too, MarketWatch reports.<\/p>\n\n

\"\"<\/p>\n\n

The median mortgage size is now more than five times as big as the median annual income. In 1990, the median mortgage size was only about 3.3 times the median annual income.<\/p>\n\n

Loan<\/a> sizes may be getting bigger because homeowners are purchasing bigger homes nowadays (the median home size was 1,630 square feet in 1989 and is 1,900 square feet in 2016). Also, homeowners have much lower interest rates than they did back then (the 30-year fixed-rate mortgage averaged 10.32 percent in 1989 compared to the 4.10 percent average today).<\/p>\n\n

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Read more<\/strong>: Mortgage Words You Should Know<\/span><\/p>\n<\/blockquote>\n\n

Also, homeowners aren\u2019t bringing as big of downpayments to the closing table. (What was once thought of as the standard 20 percent down is hardly standard.) The median downpayment in 2016 was 10 percent; for first-time buyers, it was 6 percent. That has made homeowners more leveraged now than they were a decade ago, MarketWatch notes.<\/p>\n\n

Source: \u201cAmericans Are Taking Out the Largest Mortgages on Record,\u201d MarketWatch (April 5, 2017)<\/em><\/p>\n<\/div>\n \n \n<\/pre>\n\n<\/div>\n\n\n
[ad_2]\n
 link <\/a>\n<\/p>\n","protected":false},"excerpt":{"rendered":"

The average size of a home loan has swelled to the biggest amount on record, according … Americans\u2019 Mortgages Are the Biggest, Ever<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":3142,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,518,1403,12908,543,627,127,1329,408,1032,312,1007,41,818],"class_list":["post-3141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-america","tag-buy","tag-home","tag-home-buying-guide","tag-homeowners","tag-homes","tag-loan","tag-mortgage","tag-mortgage-bank","tag-mortgages","tag-owners","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/MBA%20chart.png?fit=652%2C376&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3778,"url":"https:\/\/amazingproperty.com.ng\/blog\/will-lower-rates-create-buyer-frenzy\/","url_meta":{"origin":3141,"position":0},"title":"Will Lower Rates Create Buyer Frenzy?","author":"Amazing Property","date":"April 24, 2017","format":false,"excerpt":"Mortgage rates have dropped below 4 percent for the first time since November, and home buyers likely will want to take advantage of the lower borrowing costs. The average 30-year fixed-rate mortgage fell to 3.97 percent for the week ending April 20, according to Freddie Mac's weekly mortgage market survey.\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7551,"url":"https:\/\/amazingproperty.com.ng\/blog\/the-new-tax-plan-when-it-comes-to-real-estate-who-wins-and-who-loses\/","url_meta":{"origin":3141,"position":1},"title":"The New Tax Plan: When It Comes To Real Estate, Who Wins And Who Loses?","author":"Amazing Property","date":"December 20, 2017","format":false,"excerpt":"We have all heard a lot about the new tax plan, which was approved and sent to President Trump to be signed on Wednesday, Dec. 20. 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Interest rates are relatively low. The U.S. Department of Agriculture has its own mortgage program, but it\u2019s likely one of the least-known about. The mortgage assistance program is a zero-down payment option\u2026","rel":"","context":"In "RealEstate"","block_context":{"text":"RealEstate","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/realestate\/"},"img":{"alt_text":"USDA loan","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/02\/USDA-loan.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":6013,"url":"https:\/\/amazingproperty.com.ng\/blog\/are-supply-woes-causing-loan-demand-drop\/","url_meta":{"origin":3141,"position":4},"title":"Are Supply Woes Causing Loan Demand Drop?","author":"Amazing Property","date":"August 30, 2017","format":false,"excerpt":"The number of mortgage applications for home purchases continues to underwhelm, despite rates being at their lowest levels since November. Mortgage applications for purchasing a home dropped 3 percent last week on a seasonally adjusted basis. 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