In the latest Mortgage Bankers Association’s Purchase Applications Index, the median payment for a purchase mortgage application rose to $2,061 in the week ending April 28. This is up from $1,986 the week prior.
The purchasing power for buyers increased as well, as the MBA notes that the average 30-year fixed mortgage rate decreased to 4.33% from 4.41%.
The MBA’s measure of applications for new purchases – which covers about 80% of all mortgages – has been on an upward trend since early April.
This is good news for the housing market, as a rise in median payment signals that buyers are willing and able to pay more for a home. This is likely due to a combination of factors, including a strong job market and low mortgage rates.
You can read this full article at: https://www.housingwire.com/articles/median-payment-on-purchase-mortgage-application-rises-to-2061/(subscription required)
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