Home loan size retreats from record as mortgage application demand cools

Source: Fox Business — 

The average size of a home purchase loan has pulled back from its record high as demand for mortgage applications fell for the second straight week. 

According to the Mortgage Bankers Association, the average purchase loan size fell to $415,000 for the week ending July 8, down from $460,000 hit in March. 

Total mortgage application volume fell 1.7% on a seasonally adjusted basis last week compared to the previous week. The week’s results included an adjustment for the observance of Independence Day.