Insight
Household earnings growth of 4.6% over the past year has resulted in mortgage payments consuming a smaller share of income annually, even though payments remain historically elevated.
Mortgage affordability improves in June as median payment slips to $2,191
Summary
Mortgage affordability slightly improved in June with the median payment falling to $2,191, offset by lower loan amounts despite rising rates. Household earnings growth also contributed to lower payment-to-income ratios.
Key takeaway