The trade group’s national Purchase Applications Payment Index (PAPI) measures how new monthly mortgage payments vary over time relative to income and uses data from MBA’s
By at least one measurement, affordability is improving for prospective homebuyers, even as home prices continue to rise and mortgage credit availability remains relatively low.
According to data released Thursday by the Mortgage Bankers Association (MBA), the median payment for purchase loan applicants declined by 0.8% from August to September. The median payment for these prospective borrowers dropped to $2,041 last month. Monthly payments were down 5.3%, or $114, compared to September 2023.
“Homebuyer affordability conditions improved for the fifth consecutive month, as mortgage rates near the low 6% range improved purchasing power for prospective buyers,” Edward Seiler, MBA’s associate vice details ⇒
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