Homebuyer affordability improved modestly in February as the national median payment applied for by purchase applicants fell to $2,061, down from $2,070 in January, according to the Mortgage Bankers Association (MBA)’s Purchase Applications Payment Index (PAPI).

PAPI tracks how new monthly mortgage payments change over time relative to income, using data from MBA’s weekly applications survey.

“Homebuyer affordability saw a modest improvement in February, as slightly lower mortgage rates helped ease monthly payment burdens despite a small uptick in loan sizes. The February PAPI declined over the month and is nearly 10% lower than a year ago, reflecting details ⇒

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