Homebuyer affordability deteriorated in May as higher mortgage rates and larger loan application amounts pushed monthly mortgage payments higher, according to data released Thursday by the Mortgage Bankers Association (MBA).

The MBA’s Purchase Applications Payment Index (PAPI), which measures mortgage payment burdens relative to income, rose 2.2% to a reading of 159.4 in May. — up from 156.0 in April. An increase in the index indicates worsening affordability conditions for prospective borrowers.

The national median mortgage payment applied for by purchase applicants climbed to $2,198 in May, up from $2,152 in April. Despite the monthly increase, the median payment details ⇒

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