2019 Purchase Mortgage Loan Amount Snapshot Report From DMS Highlights Purchase Trends In Mortgage Industry
Clearwater, FL – April 16, 2020 — Digital Media Solutions (DMS) unveiled the top purchase mortgage market trends of 2019 through the release of its 2019 Purchase Mortgage Loan Amount Snapshot Report. The detailed report, published by DMS, uses expert insight to identify loan amounts by region, division and month and astutely predicts what mortgage marketers could expect for the future of the mortgage industry.
According to the 2019 Purchase Mortgage Loan Amount Snapshot Report, average anticipated loan amounts were highest in the West, consistent with 2018 regional rankings. Comprised of Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington and Wyoming, the West collectively had an average anticipated home loan amount of $243,956 among prospective purchase borrowers in 2019. In part due to limited housing inventory, the Pacific division, inclusive of Alaska, California, Hawaii, Oregon and Washington, led the western region for average anticipated purchase loan amount in 2019 — consistent with the National Association of Realtors’ (NAR) research on median home values.
Conversely, while average existing home prices rose across the Midwest, a handful of states in the Midwestern region (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota) had the lowest average anticipated mortgage loan amounts of all U.S. states. Data from both NAR and the DMS 2019 Purchase Mortgage Loan Amount Snapshot Report supports the theory that inventory fluctuations are a leading factor for changes in average loan amount.
The 2019 Purchase Mortgage Loan Amount Snapshot Report explains that how the purchase mortgage market progresses throughout the remainder of the year will depend largely on the current pandemic, as it impacts employment, the economy and the ability to tour homes. However, many industries are already evolving to contactless systems, and a similar evolution seems likely for the real estate and mortgage industries.
