Average Payment Falls To Lowest Point In A Year
There are a lot of numbers to keep in mind when considering how much house you can afford. For starters, there's the home's price, your potential down payment, current mortgage rates, and the monthly payment. From just those numbers alone, you can get an idea of what is within your reach and what will bust your budget. Fortunately for today's home buyers, new data shows that, if you're a potential buyer currently calculating what you might be able to buy, you're likely to find affordability conditions are more favorable than they've been in more than a year. In fact, Black Knight's latest Mortgage Monitor Reports shows that not only is home price growth now below its 25-year average, but the monthly payment required for an average-priced house with 20 percent down is also $1,173. That's a six percent decline from where it was just six months ago. In other words, there are a number of positive trends that have made buying a home as affordable as it's been in over a year and, in most markets, home buyers can expect to find improved conditions as we enter the summer sales season. More here.