Nearly 27% of buyers has all-cash sales, according to the National Association of Realtors. The MBA’s mortgage affordability data only tells one piece of the story, however, and misses the large share of buyers who are not financing their home purchase, says Lisa Sturtevant, chief economist at BrightMLS. Homeownership pays: Why it pays to buy a house: Homeowners became 40 times wealthier than renters in the past decade Is cash king when buying a house?įreddie Mac’s 30-year mortgage rate remained above 6.5% for most of March, dampening buyers' affordability. Home sharing: Renting a room in your home? Consider these things before opening up your doors More 'Golden Girls' than 'Friends': Can home sharing be the answer to America's housing affordability crisis? These housemates “Homebuyer affordability remained constrained in March as elevated mortgage rates and low inventory kept prices high, leading many prospective homebuyers to delay decisions to enter the market,” said Edward Seiler, MBA's associate vice president, Housing Economics, and executive director, Research Institute for Housing America.Īn increase in MBA’s Purchase Applications Payment Index – indicative of declining borrower affordability conditions – means that the mortgage payment to income ratio is higher due to increasing application loan amounts, rising mortgage rates, or a decrease in earnings.Ĭompared to March 2022, the index is up 14%. The national median mortgage payment increased by 1.6%, from $2,093 to $2,061 in March, according to the Mortgage Bankers Association's Purchase Applications Payment Index, which measures how new monthly mortgage payments vary across time – relative to income. With still-rising home prices and elevated mortgage rates, affordability challenges are holding homebuyers back. Spring has not yet sprung in the housing market.
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