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Mortgage payments increased 6.8% annually to $2,256 in April

Homebuyer affordability declined in April, according to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI) released Thursday. 

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 for purchase mortgage applicants was $2,256 in April, up from $2,201 in March. April’s figure was $144 higher on a year-over-year basis, equal to a 6.8% increase. Median earnings were up 4.6% compared to one year ago.

The national median mortgage payment details ⇒

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