Homebuyer affordability improved slightly in December as mortgage payments declined and household earnings continued to grow, according to data released Thursday by the Mortgage Bankers Association (MBA).

The national median mortgage payment for purchase applicants fell to $2,025 in December, down from $2,034 in November, based on MBA’s Purchase Applications Payment Index (PAPI), which tracks monthly mortgage payments relative to income using data from its weekly applications survey.

“Housing affordability conditions improved for the seventh consecutive month to close out 2025 because of lower mortgage rates and steady household earnings growth,” said Edward Seiler, MBA’s associate vice president of details ⇒

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