The latest data from the Mortgage Bankers Association found that the new median mortgage payment decreased slightly from October.
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Mortgage App Payments Rose in August Despite Decline in Homebuyer Affordability
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%.
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 »Housing Costs in Sunbelt Driving People Away
“People across the Unites States continue to feel the squeeze from higher housing costs, but the impact is uneven between regions,” said Anna Zhou, Economist for Bank of America Institute.
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