Tag Archives: MBA’s Purchase Applications Payment Index (PAPI)

Freddie Mac reports the 30-year fixed-rate mortgage rose to an average of 7.57% this week, as purchase demand remains at a three-decade low.

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.

As mortgage rates creep toward the 7% mark, the MBA reports a third straight week of waning interest in mortgage apps, with a lack of inventory playing a role in purchase app drop-off.