Say Goodbye to Rent: Latest Report Shows Home Affordability Improves!


Here's some fantastic news to kick off the year – the road to affordable homes is looking brighter than ever! According to the Mortgage Bankers Association's (MBA) Purchase Applications Payment Index (PAPI), December was like a gift that kept on giving, with the national median payment for purchase applicants dropping from $2,137 in November to a more wallet-friendly $2,055.

Why the sudden boost in affordability?

Well, it's all thanks to a cool two-month streak of falling interest rates since the peak in October 2023. 

Now, let's talk numbers.

The PAPI, which measures the mortgage payment to income ratio (PIR), took a 3.8% dip in December 2023, hitting its lowest level since January 2023. 

For those eyeing the more budget-friendly mortgages at the 25th percentile, the national median mortgage payment dropped from $1,425 in November to $1,375 in December. 

So, what's the takeaway?

Your dream home is no longer a distant mirage – it's a tangible reality. With mortgage rates in a downward limbo and more homes up for grabs, the journey to homeownership just got a whole lot more exciting. 

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.

Get Your
FREE eBOOK

First time home buyer book

First Time Home Buyers Guide

Begin your home loan process today!

Local Loan
Consultations

Timely and Accurate
Communication

Industry-Leading
Product-Selection

The right tools to help you every step of the way