The MBA reports that the average national median mortgage payment rose to $2,199 in October, a $143 year-over-year rise. Here are the factors that were “dissuading would-be buyers from entering the housing market.”
Read More »Greater Share of Home Sellers Dropping Asking Prices
While buyers contend with mortgage rates edging toward the 8% mark, Redfin reports that an increasing number of the nation’s home sellers are reducing their asking prices. Read the full data here.
Read More »Mortgage Rates Dip as Fed Continues ‘Wait and See’ Approach
A drop of just three basis points in the 30-year fixed rate mortgage provided little relief to prospective buyers, as ambiguity around monetary policy will likely continue to stall improvements in the housing market through the end of the year.
Read More »Average Nationwide Mortgage Payment Drops Slightly in September
The MBA reports that affordability improved slightly for the nation’s homeowners in September, as the national median payment applied for by purchase applicants fell slightly month-over-month. Click through to learn more about the changes.
Read More »Pending Home Sales Continue to Improve
"The small gain in contract signings shows the potential for further increases in light of the fact that many people have lost out on multiple home buying offers," said NAR Chief Economist Lawrence Yun.
Read More »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.
Read More »Homebuyer Affordability Further Deteriorates in May
The MBA reports that American homeowners continue to struggle to make ends meet, with the national median mortgage payment hitting $2,165 in May 2023, up $268 from one year ago, or an increase of 14.1% year-over-year.
Read More »Mortgage Apps Increased in February as Homebuyer Affordability Declined
As high mortgage rates and inflated home prices persist, a new report from the Mortgage Bankers Association revealed the national median payment applied for by purchase applicants increased nearly 5% in February.
Read More »Report Reveals Signs of Improvement in Homebuying Affordability
MBA forecasts rates and home-price growth to soften, which “should help bring more prospective buyers into the market” come spring.
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