Would-be homebuyers are willing to take on sharply higher mortgage payments, even as home prices have begun to pull back this year.
The median monthly payment listed on applications for home purchase loans jumped 14.1% in May from a year earlier to an all-time high $2,165, according to the Mortgage Bankers Association. The May figure also represents a 2.5% increase from April.“Homebuyer affordability eroded further in May as prospective buyers continue to grapple with high interest rates and low housing inventory,” Edward Seiler, the MBA’s associate vice president of housing economics, said in a release last week.
Home prices have kept falling since, most recently sliding 3.1% in May from a year earlier to a median $396,100, according to the NAR. The combination, along with a stubbornly low level of homes for sale, is driving mortgage payments higher, pushing the limits of what many homebuyers can afford.
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