The national median mortgage payment applied for by loan applicants decreased to $2,100 from $2,127 in August, according to data from the Mortgage Bankers Association (MBA). However, it was also up by $43 from one year ago, equal to a 2.1% increase.
The national median mortgage payment for conventional loan applicants was $2,112, down from $2,160 in July but up from $2,056 in August 2024. The national median mortgage payment for FHA loan applicants was $1,863 in August, down from $1,865 in July but up from $1,817 in August 2024.
“Affordability conditions have improved for four straight months, with lower mortgage rates and stronger income growth boosting prospective buyers’ purchasing power,” said Edward Seiler, MBA’s associate vice president of housing economics and executive director of the Research Institute for Housing America. “MBA is expecting that moderating home-price appreciation, coupled with lower rates, will continue to ease affordability constraints and help to boost activity in the housing market.”
