• Mortgage Application Payments Jumped 8.8% to $1,889 in April

    1 month ago - By RIS Media

    Homebuyer affordability decreased in April, with the national median payment applied for by applicants rising 8.8% to $1,889 from $1,736 in March. This is according to the Mortgage Bankers Association's Purchase Applications Payment Index , which measures how new monthly mortgage payments vary across time-relative to income-using data from MBA's Weekly Applications Survey .
    An increase in MBA's PAPI-indicative of declining borrower affordability conditions-means that the mortgage payment to income ratio is higher due to increasing application loan amounts, rising mortgage rates or a...
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