Connect with us


Red-Hot Housing Market Fuels Mortgage Borrowing Record



(AP Photo/Elise Amendola)
Share with friends


Americans borrowed more than ever to buy homes in 2021.

Mortgage lenders issued $1.61 trillion in purchase loans in 2021, according to estimates by the Mortgage Bankers Association. That is up slightly from $1.48 trillion in 2020 and above the previous record of $1.51 trillion in 2005.

Many of the forces that pushed Americans into the housing market in the early months of the pandemic—low interest rates and a desire for bigger homes—continue to drive up prices and mortgage balances, experts say.

Read more from The Wall Street Journal

Continue Reading
Advertisement GVwire