The national median monthly payment for purchase mortgage applicants rose to $2,201 in March, up from $2,184 in February. An increase in the MBA index implies declining borrower affordability due to higher mortgage rates or lower income.
Edward Seiler from MBA stated strong economy and job market will maintain elevated mortgage rates, stalling some buyers. Expect renewed activity as rates decrease to the low-to-mid 6 percent range by year-end.
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