Talking Points …
- The average loan size declined by nearly $2,000 to $350,600 while the average new home price declined by nearly $4,000 to $458,000, according to data released yesterday by the Federal Housing Finance Agency (FHFA).
- Even after the declines, these are the second highest numbers on record.
- Since the home price declined by more than the loan amount in July, the average loan-to-price (LTP) ratio increased, from 78.3 to 78.8 percent. This is just about as high as the LTP ratio on conventional new home loans has been recently.