Homebuyer affordability improved in August and marked the fourth straight month of improvement, with the national median payment applied for by purchase mortgage applicants decreasing to $2,100, down from $2,127 in July.

That’s according to the Mortgage Bankers Association (MBA)’s Purchase Applications Payment Index (PAPI), which measures how new monthly mortgage payments vary across time relative to income using data from MBA’s Weekly Applications Survey.

“Affordability conditions have improved for four straight months, with lower mortgage rates and stronger income growth boosting prospective buyers’ purchasing power,” said Edward Seiler, MBA’s associate vice president of housing economics and executive director details ⇒

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