Homebuyer affordability took an enormous hit in September, according to the latest data from the Mortgage Bankers Association (MBA).
MBA reported this week that mortgage rates leaped for the 10th consecutive week with the 30-year fixed rate touching 7.16 percent – the highest rate since 2001.
Meanwhile, homebuyer affordability dropped in September, as the national median payment applied for by applicants increased 5.5 percent to $1,941 from $1,839 in August, according to MBA's Purchase Applications Payment Index (PAPI), which measures how new monthly mortgage payments vary across time – relative to income – using data from MBA's Weekly Applications Survey (WAS).
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