The national median payment applied for by purchase applicants decreased to $2,034 in November from $2,039 in October, according to data from the Mortgage Bankers Association (MBA).
November’s national median mortgage payment for conventional loan applicants was $2,063, the same as in September and down from $2,133 in November 2024. The national median mortgage payment for FHA loan applicants was $1,776, down from $1,789 in October and down from $1,898 in November 2024.
“Affordability conditions have now improved for six straight months as lower mortgages rates and strong household earnings growth have increased 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. “The national median mortgage payment was down $99 compared to November 2024. MBA expects that affordability conditions will continue to improve in 2026, with house prices forecast to fall nationally by 0.3% and mortgage rates forecast to remain around 6.4% throughout the year.”
