"Affordability conditions have improved for four straight months, with lower mortgage rates and stronger income growth boosting prospective buyers' purchasing power, said Edward Seiler, MBA's associate vice president of housing economics and executive director of the Research Institute for Housing America. MBA is expecting that moderating home-price appreciation, coupled with lower rates, will continue to ease affordability constraints and help to boost activity in the housing market."
"For borrowers applying for lower-payment mortgages (the 25th percentile or less), the national mortgage payment decreased to $1,445 in August, down from $1,468 in July. The Builders' Purchase Application Payment Index showed that the median mortgage payment for purchase mortgages from the MBA's Builder Application Survey decreased to $2,210 in August, down from $2,233 in July. The national median mortgage payment was $2,100 in August 2025 down $27 from July."
Affordability has improved for four consecutive months as lower mortgage rates and stronger income growth increase buyer purchasing power. The national Payment-to-Income Affordability Index (PAPI) decreased 1.2% month-to-month and is down 1.1% year-over-year. Median borrower earnings rose 3.2% year-over-year while mortgage payments increased 2.1%, yielding net affordability gains. Lower-payment borrowers saw median payments fall to $1,445 in August. Builder survey median purchase payments declined to $2,210. The national median mortgage payment was $2,100 in August, down $27 from July but up $43 year-over-year. State PAPI readings show notable regional variation.
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