The national median mortgage payment applied for by home buyers fell almost 2 percent in June from the month before, according to newly released data from the Mortgage Bankers Association. The MBA’s Purchase Applications Payment Index measures monthly mortgage payments based on the loans borrowers applied for during the month. In June, the median payment fell to $2,172 from $2,211 in May. For borrowers applying for lower-payment mortgages, payments fell to $1,500 from $1,512. Edward Seiler, MBA’s associate vice president, Housing Economics, and executive director, Research Institute for Housing America, says the improvement is a positive sign. “Affordability conditions improved in June, a positive sign for prospective home buyers looking to take advantage of slightly lower mortgage rates and moderating home prices,” Seiler said. “The median purchase application amount decreased to $324,800, and we expect that home-price growth will continue to stabilize as more inventory comes onto the market in many parts of the country.” (source)
