“Homebuyer affordability conditions improved for the second straight month as declining mortgage rates continue to increase purchasing power and is enticing some borrowers back into the housing market,” said Edward Seiler, associate vice president of housing economics at MBA and executive director of Research Institute for Housing America.
The median loan amount fell to $320,512 in June, signaling a moderation in home price growth, which Seiler expects to boost additional activity in the housing market.
For borrowers seeking lower-payment mortgages (25th percentile), the national mortgage payment decreased to $1,460 in June from $1,509 in May.
The Builders’ Purchase Application Payment Index (BPAPI) showed a slight decrease in the median mortgage payment for purchase mortgages, falling to $2,510 in June from $2,522 in May.
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Source: mpamag.com