Americans are taking out the largest mortgages on record

House sizes are getting bigger, as are mortgages.

Bigger homes, more expensive inventory, and lower down payments all add up.

By Andrea Riquier | MarketWatch

For the past few years, the housing market has been unbalanced. Strong demand and lean supply keep pushing prices higher and higher.

On Wednesday, a fresh piece of data confirmed that trend. The Mortgage Bankers Association’s weekly purchase loan data showed that the average size of a home loan was the largest in the history of its survey, which goes back to 1990.

Higher prices have a few different effects on the market. Buyers have to make tradeoffs on the kinds of homes they can afford, or may be shut out of ownership altogether.

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