Potential homebuyers in today’s market are facing a number of challenges, including increasing mortgage rates and a sizeable supply and demand imbalance that is pushing home-price appreciation to very high levels throughout the country. MBA’s Purchase Application Payment Index (PAPI) has increased by 32% thus far this year, indicating that payments have risen much faster than personal income.

Primary mortgage market rates are a function of several factors. First, mortgage rates are influenced by benchmark rates, including longer-term Treasuries. These rates are impacted by the strength of the economy, the level of inflation, and the expected direction of monetary policy, among details ⇒

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