3 Bedrooms | 2 Bathrooms | More Than 2,000 Sq. Ft. | Fenced Backyard | Optional Boating AccessPresented by Michael Downer, Broker Associate | Downing-Frye Realty | Quintessential NaplesMore Space,
Dated: October 20 2022
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Your mortgage payment is bound to be among your most significant monthly bills. So it’s natural to want it to be as affordable as possible. The Mortgage Bankers Association’s most recent Purchase Applications Payment Index is encouraging news for prospective home buyers. The index – which tracks the typical monthly mortgage payment based on current home purchase loan applications – found the national median payment applied for by applicants fell in July, dropping to $1,844 from $1,893 the month before. Edward Seiler, MBA’s associate vice president of housing economics, and executive director, of the Research Institute for Housing America, says the improvement was modest but widespread. “Affordability conditions improved modestly in most of the country in July, as slightly lower mortgage rates and a decrease in the median loan amount led to the typical home buyer’s mortgage payment falling $49 from June,” Seiler said. Though small, the improvement is a welcome change for buyers after recent home prices and mortgage rates increases.
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