Mortgage application payments decline in June

Mortgage App Payments Slip as Buyer Affordability Improves - The MortgagePoint

In June, the national median payment that purchase applicants sought for dropped from $2,211 in May to $2,172, indicating an improvement in homebuyer affordability. This is in line with the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI), which uses information from the MBA Weekly Applications Survey (WAS) to calculate how new monthly mortgage payments change over time in relation to income. “Affordability conditi…

Mortgage application payments decline in June

Homebuyer affordability improved in June, as evidenced by the national median payment for purchase mortgage applicants decreasing to $2,172 — down from $2,211 in May. That’s according to the Mortgage Bankers Association (MBA)’s Purchase Applications Payment Index (PAPI), which measures how new monthly mortgage payments vary across time relative to income, using data from MBA’s Weekly Applications Survey. An increase in the index equates to decli…