Purchase Mortgage Payments Moved Higher In April

Homebuyer affordability weakened modestly in April as rising loan amounts and slightly higher mortgage rates pushed monthly payments higher, according to new data from the Mortgage Bankers Association (MBA).The MBA’s Purchase Applications Payment Index (PAPI) showed the national median mortgage payment for purchase applicants increased to $2,152 in April, up from $2,131 in March. Despite the monthly increase, median payments were still down 1.6% compared to a year earlier.