Mortgages in New York are some of the more affordable in the country in relation to the income of state residents, data from the Mortgage Bankers Association shows.The MBA's Purchase Applications Payment Index , which tracks how monthly mortgage payments shift in relation to income, showed that New York recorded in May one of the lowest measurements in the country behind only Connecticut and Louisiana.The Empire State registered a PAPI of 132.2, with Louisiana leading the country at 127.
'Homebuyer affordability conditions improved in May as slightly lower mortgage rates and an uptick in housing inventory slightly eased the recent rise in application payment amounts,' said Edward Seiler, the MBA's associate vice president, housing economics, and executive director of the Research Institute for Housing America, in a statement.'MBA is forecasting for mortgage rates to fall closer to 6.