Mortgage application payments increased slightly in August to $2,170, according to MBA's Purchase Applications Payment Index, while overall homebuyer affordability declined, as homebuyers’ budgets continue to be impacted by high home prices and mortgage rates above 7%.
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Affordability Challenges Persist as Mortgage App Payments Remain Flat
“Prospective homebuyers continued to face challenging conditions in July, with elevated and volatile mortgage rates and low housing inventory serving as a formidable one-two punch that suppressed mortgage applications and sales activity,” said Edward Seiler, MBA’s Associate VP, Housing Economics, and Executive Director, Research Institute for Housing America.
Read More »Homebuyer Affordability Remains Constrained as Purchase Apps Slip in June
While housing affordability remains a worry for many Americans, the MBA's Purchase Applications Payment Index revealed purchase applications inched downward in June, as home prices and mortgage rates remain elevated nationwide.
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