Your mortgage payment will be among your biggest monthly bills. That makes it an important number to familiarize yourself with before buying a house. After all, no one wants to buy a house that will lead to financial stress and money worries. So what does the median mortgage payment look like now? Well, according to the most recent numbers from the Mortgage Bankers Association’s Purchase Applications Payment Index, the median payment applied for by purchase applicants increased to $2,199 in October from $2,155 the month before. The $44 increase was mostly due to rising mortgage rates during the month. Since then, however, rates have been falling, which means improvement is on the way. Edward Seiler, MBA’s associate vice president of Housing Economics and executive director of the Research Institute for Housing America, says it’ll happen early next year. “Home buyer affordability conditions declined further in October, with the jump in mortgage rates during the month,” Seiler said. “MBA expects affordability conditions to remain challenging to close out 2023 before a slight improvement by early next year.” (source)
