Tag Archives: Purchase Applications Payment Index

“Homebuyer affordability improved for the second consecutive month in December as interest rates declined significantly from recent highs,” said Edward Seiler, MBA’s Associate VP of Housing Economics and Executive Director for the Research Institute for Housing America. Here’s what to expect as we approach spring.

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%.

“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.

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.

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.

According to a new report from the Mortgage Bankers Association, mortgage payments have increased by 42.9% in the first eleven months of the year.

The Mortgage Bankers Association has released new data showing the national median mortgage payment rose to $2,012 in October, recording a slight climb from September. Meanwhile, median asking rents increased an estimated 6.2% between Q2 and Q3 of 2022.

Homebuyer affordability plummeted again in September according to the latest MBA analysis, with scarce supply, affordability constraints, and economic uncertainty continuing to hinder potential homebuyers.