Homebuyer affordability falling

"Rapid home-price growth and the 42- basis-point surge in mortgage rates last month slowed purchase application activity," said MBA's Associate Vice President Edward Seiler. "A typical borrower’s principal and interest payment was $387 more than in March 2021.

The top five states with the lowest PAPI were: Washington, D.C., Alaska, Connecticut, West Virginia, and Louisiana. An increase in MBA’s PAPI – 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.

A decrease in the PAPI – indicative of improving borrower affordability conditions – occurs when loan application amounts decrease, mortgage rates decrease or earnings increase.

It's 📞ed BIDEN syndrome! By the time u fill ur tank w/ gas, find the scarce expensive groceries, that's if u r blessed 2 have the job as u compete w/ the illegal immigrants 4 it, spend 2 keep u & ur family during the spike of the pandemic, most folks don't 've alot left 4 a 🏡.

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