There are a lot of costs associated with owning a home but the monthly mortgage payment is the big one. It’s also the measuring stick prospective home buyers use when determining whether or not they’ll be able to afford a particular home. That’s why the Mortgage Bankers Association keeps a monthly gauge of median payments based on loans applied for by buyers. According to their most recently released data, mortgage payments ended the winter flat. Edward Seiler, MBA’s associate vice president, housing economics, and executive director, Research Institute for Housing America, says February data showed little movement. “Home buyer affordability conditions remained unchanged in February as many home buyers continue to weigh their options on entering the housing market amid economic uncertainty and slowly declining mortgage rates,” Seiler said. “While February’s data reflects little movement, we do expect that rising housing inventory, coupled with lower mortgage rates, will spur additional activity in the housing market.” As it stands, the typical monthly payment was $2,205 in February. For borrowers applying for lower-payment mortgages, payments fell to $1,506. (source)
