The national median payment for purchase mortgage applicants was $2,256 in April, up from $2,201 in March. Median earnings were up by 4.6% compared to one year ago.
Homebuyer affordability worsened as mortgage rates stayed above 7% in April, implying some buyers were deterred. MBA calls for more housing inventory to address affordability challenges.
#homebuyer-affordability #mortgage-bankers-association #purchase-applications-payment-index #housing-market #mortgage-rates
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