Jerry Mojarro

Loan Officer

NMLS: 1513379

Home Affordability is on the Upswing Nationwide

Affordability has improved across the country, according to data from the Mortgage Bankers Association (MBA), with the median home mortgage payment decreasing to $1,844 from $1,893 between June and July.

The lower payments now take up a smaller share of individual income across all home buyer demographics. Unfortunately, news for renters wasn't good, as rents continue to climb. Median rents increased 4.7% from $1,255 in the first quarter of 2022, to $1,314 in the second quarter. But the decrease in median mortgage payments may push renters and other potential buyers into the market.

Source: Nationalmortgageprofessional.com


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