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January 7, 2022

Experts say sizzling housing market will fuel record borrowing this year

By ALEX VEIGA
AP Business Writer

LOS ANGELES — The fierce competition, low mortgage rates and soaring prices that helped raise mortgage borrowing to record heights last year is expected to drive lending even higher this year, experts say.

Banks lent an estimated $1.61 trillion for home purchases last year, up about 9% from 2020, according to the Mortgage Bankers Association. That tops the $1.51 trillion lent at the peak of the housing bubble in 2005, the highest on records going back to 1990.


 
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