Typical Monthly Mortgage Payment Gets Smaller

Your mortgage payment is bound to be among your biggest monthly bills. So it’s natural to want it to be as affordable as possible. Which is why the Mortgage Bankers Association’s most recent Purchase Applications Payment Index is encouraging news for prospective home buyers. The index – which tracks the typical monthly mortgage payment based on recent home purchase loan applications – found the national median payment applied for by applicants fell in July, dropping to $1,844 from $1,893 the month before. Edward Seiler, MBA’s associate vice president, housing economics, and executive director, Research Institute for Housing America, says the improvement was modest but widespread. “Affordability conditions improved modestly in most of the country in July, as slightly lower mortgage rates and a decrease in the median loan amount led to the typical home buyer’s mortgage payment falling $49 from June,” Seiler said. The improvement, though small, is a welcome change for buyers after recent increases to home prices and mortgage rates. (source)

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