Sunday, 26 June 2022 | The Latest Buzz for the Appraisal Industry

Affordability Drops as Mortgage Application Payments Increase 8.8 Percent in April

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 (MBA) Purchase Applications Payment Index (PAPI), which measures how new monthly mortgage payments vary across time – relative to income – using data from MBA’s Weekly Applications Survey (WAS).

“Rapid home-price growth, low inventory and an 80-basis-point surge in mortgage rates slowed purchase applications

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