Homebuyer affordability declined in March as mortgage rates and home prices remained elevated. 

The national median monthly payment for purchase mortgage applicants rose to $2,201 in March, up from $2,184 in February. That’s according to the Mortgage Bankers Association‘s (MBA) purchase applications payment index, which measures how new monthly mortgage payments vary across time relative to income.

An increase in the MBA index — indicative of declining borrower affordability conditions —means that the mortgage-payment-to-income ratio is higher due to increasing loan amounts, rising mortgage rates or a decrease in applicant details ⇒

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