As a homeowner, your mortgage payment will likely be among your biggest monthly bills. That's why it's a good idea for prospective home buyers to know what the typical mortgage payment looks like these days, and whether they're getting more or less affordable.
The Mortgage Bankers Association tracks median mortgage payments each month. Its Purchase Applications Payment Index – which is based on applications for loans to buy homes – can give home buyers a good read on overall affordability conditions and also what to expect when they find a house to buy. According to the most recent results, the median mortgage payment was essentially unchanged in June, falling to $2,162 from $2,165. For borrowers applying for lower-payment mortgages, payments dropped to $1,459.
Edward Seiler, MBA's associate vice president, housing economics, and executive director, Research Institute for Housing America, says affordability is still challenging but stabilizing prices may help buyers. “The median purchase application amount fell from $330,000 to $326,000 in June, which is one positive sign that home prices are stabilizing,” Seiler said. “An ongoing combination of flattening home prices and lower rates would offer reprieve for households who are looking to buy a home.”
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