The national median mortgage payment was $2,137 in November, down from $62 in October, according to data from the Mortgage Bankers Association (MBA). However, November’s sum is up by $160 from one year ago, equal to an 8.1% increase.
The national median mortgage payment for conventional loan applicants was $2,137, down from $2,208 in October and up from $1,994 in November 2022. The national median mortgage payment for Federal Housing Administration loan applicants was $1,902 in November, down from $1,955 in October and up from $1,631 in November 2022.
“Homebuyer affordability improved in November, with a decline in mortgage rates providing relief to prospective homebuyers,” said Edward Seiler, MBA’s associate vice president for housing economics and executive director of the Research Institute for Housing America. “MBA expects that affordability conditions will continue to improve as mortgage rates decline, which should generate increased demand heading into the spring homebuying season.”
On the builders’ side of the housing market, the MBA noted the median mortgage payment for purchase mortgages from MBA’s Builder Application Survey decreased from $2,672 in October to $2,597 in November.
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