Larger loans have been appearing more frequently in the Mortgage Bankers Association (MBA) weekly surveys. Some analysts say that this reflects the greater percentage of adjustable-rate mortgages in the surveys. As ARMs tend to have considerably higher loan balances versus their fixed-rate counterparts, any rise in the percentage of ARMs included in the survey will cause the average loan size to increase as well.
Lehman Brothers recently noted the increase in the average size of refinanced loans seen in the MBA Weekly Survey. The larger loans in the survey include both ARMs and fixed-rate mortgages.