Homebuyer affordability improved slightly in November as the national median monthly mortgage payment for purchase applicants dropped to $2,034, down $5 from October, according to the Mortgage Bankers Association (MBA)’s Purchase Applications Payment Index (PAPI) released Thursday.

On an annual basis, payments were down by $99, equal to a 4.6% decrease.

MBA’s PAPI, which tracks changes over time in new monthly mortgage payments relative to income, uses data from the trade group’s weekly applications survey. The PAPI fell 0.2% to a reading of 149.6, marking a sixth consecutive monthly improvement.

“Affordability conditions have now improved for six straight months as details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com