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A smaller median payment gives loan officers a fresh affordability talking point, even as payments remain higher than a year ago.
The MBA mortgage payment index showed a modest improvement in July, with the median mortgage payment down $16 from June, according to an Aug. 27 HousingWire report on the Mortgage Bankers Association’s Purchase Applications Payment Index.
For mortgage professionals, the useful part is the mix: affordability improved month to month, but the typical payment was still $48 higher than a year earlier. That gives buyers a little breathing room in the near term without changing the bigger affordability challenge many households still feel.