July affordability bump signals purchase surge window
Lower median loan amounts and earnings growth which outpaces mortgage expenditures helps to improve affordability even as rates continue to rise, the MBA said.
Lower median loan amounts and earnings growth which outpaces mortgage expenditures helps to improve affordability even as rates continue to rise, the MBA said.
If Fed Chair Kevin Warsh's comments lack substance on inflation in the market's opinion, it is likely to drive mortgage rates even higher, NerdWallet warned.
Mortgage rates picked up to 6.66% this week, with all eyes looking to Jackson Hole for Chair Warsh's address on Friday.
The MBA PAPI fell 1.3% to a reading of 155.8 in July as the median purchase applicant payment slipped to $2,175 from $2,191.
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Smaller loan amounts offset the impact of rising mortgage rates: MBA The post New mortgage payments ease for second straight month in July appeared first on Scotsman Guide .
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New single-family home size had been falling since 2015 in response to declining affordability conditions. An exception occurred in 2021, when new home size increased as interest rates reached histori
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