Mortgages Over $5000,000 Uncommon in the U.S.

A study released today by NLIHC, A Rare Occurrence: The Geography and Race of Mortgages Over $500,000, finds that only 5% of new mortgages obtained in the past three years were larger than $500,000. Mortgages of this size are rare in most areas of the country, with most of them concentrated in high cost housing markets. In 40 states, fewer than 3% of new mortgages were larger than $500,000, and in 19 states such mortgages were less than 1% of those obtained in the state. Read more.