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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Median Sale Price in High-Opportunity Neighborhoods Nears Half a Million
A new report from Redfin revealed the typical U.S. home purchased in high-opportunity neighborhoods sold for an estimated $470,000 last year, nearly 40% more than the typical home in low-opportunity areas, as many of those neighborhoods continue to be gentrified, making them less affordable.
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.
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