Homebuyer affordability, the silver lining in a cooled down housing market, took a huge hit in September as surging mortgage rates led monthly payments to rise. 

The national median payment applicants applied for increased by 5.5% to $1,941 in September, up from last month’s $1,839, according to the Mortgage Bankers Association (MBA).

MBA’s PAPI, which measures how new monthly mortgage payments vary relative to income, rose 5.5% to 163.6 in September from 155 in August, reversing a four-month-consecutive decline from a high of 164.2 in May.

A decline in MBA’s PAPI, indicative of worsening borrower affordability conditions, means the details ⇒

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