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Mortgage payments increased 17% annually to $2,162 in July

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Homebuyer affordability remained unchanged in July from June, according to Mortgage Bankers Association‘s (MBA) Purchase Applications Payment Index (PAPI). The index measures how new monthly mortgage payments vary across time, relative to income, drawing from data from MBA’s weekly applications survey.

The national median payment applied for by purchase applicants was $2,162 in July, up $318 from a year prior but unchanged from June. Median earnings were up 3.7% compared to one year ago, but payments increased by 17.2%.

The national median mortgage payment for details ⇒

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