Homebuyers Get Relief With Slightly Lower Mortgage Payments
The national average mortgage payment dropped to $1,839.
According Mortgage Professional America, “Most of the country saw modest improvements in homebuyer affordability for the third straight month because of slightly lower mortgage rates amid steady income growth,” said Edward Seiler, MBA’s AVP of housing economics and executive director of the Research Institute for Housing America. “The healthy labor market continues to be a positive for the housing market, despite ongoing economic uncertainty and high inflation. Higher mortgage rates have reduced borrowers’ purchasing power since the start of the year.”