One of the major findings in the most recent study from the Mortgage Bankers Association (MBA) is that the national median payment applied for by purchase applicants remained at $2,162 in July 2020. This amount is substantially higher compared to July 2019, when it was $1,844, a difference of $318. These figures show evidence of an improving consumer housing market and demonstrate that potential homeowners have a strong confidence in their financial security.
In order to gain further insight into the current state of the nationwide housing market, the MBA also conducted an analysis of the economy’s most important indicators, including housing permits, housing starts, and existing home sales. The results indicated that, while housing starts had decreased slightly and there was a slower rate of growth for existing home sales, these numbers were still solid overall. Overall, this data reinforces the notion that in spite of the difficult economic circumstances caused by COVID-19, the housing market appears to remain strong and continues to support the growth of the economy.
• National median payment applied for by purchase applicants in July 2020: $2,162
• Difference between the median payment in July 2019 and July 2020: up $318
• Analysis of key housing indicators conducted by MBA: housing starts, housing permits, and existing home sales
• Results of the analysis: slower rate of growth for existing home sales, but still solid overall
• Overall conclusion: In spite of a difficult economic climate due to COVID-19, the housing market appears strong and is sustaining economic growth.
You can read this full article at: https://www.housingwire.com/articles/mortgage-payments-increased-17-annually-to-2162-in-july/(subscription required)
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