These days, home buyers face a number of challenges. With prices and mortgage rates both up and the supply of homes for sale down, the market has gotten more difficult over the past year and a half. But not all the news is bad for buyers. For example, according to the Mortgage Bankers Association, median mortgage payments were relatively flat this summer. The MBA's Purchase Applications Payment Index measures new monthly mortgage payments based on the loan applications of recent home buyers. The latest results show the median payment rising just $8 in August from the month before. That brought it to $2,170 – about the same as it was in May when it came in at $2,165. Edward Seiler, MBA's associate vice president, housing economics, and executive director of the Research Institute for Housing America, says there could be even better news ahead. “If mortgage rates shift lower in 2024 as we anticipate, the combination of rising inventory levels and lower rates should lead to stronger demand for buying a home,” Seiler said.
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