Mortgage applications fell in July and so did loan size

There's been a dramatic drop in new residential mortgage lending. (Image: Depositphotos)

Thu, 01 Sep 2022

Mortgage applications fell 25% in July compared with a year ago, but new residential mortgage lending is down 40%, the latest data from credit reporting company Centrix showed.The silver lining for those who did get their applications approved is that the average mortgage fell by 11%, or by $65,000, from July last year.“While there are currently more than 14,000 mortgage accounts past due, there are no major signs of mortgage stress emerging, despite the recent rate hikes and higher costs of living,” Centrix said.Overall, credit acc...

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