The national median mortgage payment in July was $2,127, down from $2,172 in June, according to data from the Mortgage Bankers Association (MBA). On a year-over-year basis, the sum was down $13, equal to a 0.6% decrease.
The national median mortgage payment for conventional loan applicants was $2,160, down from $2,205 in June but up from $2,140 in July 2024. The national median mortgage payment for FHA loan applicants was $1,865 in July, down from $1, 881 in June but up from $1,838 in July 2024.
“Affordability conditions have now improved for two consecutive months, the result of lower mortgage rates and continued, strong income growth,” said Edward Seiler, MBA’s associate vice president of housing economics and executive director of the Research Institute for Housing America. “MBA is forecasting that mortgage rates will remain in the 6.5% to 7% range for the rest of 2025. While still elevated, continued income growth and softening home-price gains should boost prospective buyers’ purchasing power in the months ahead.”
