“Despite strong employment and wage growth, housing affordability has worsened since the start of the year. Mortgage payments are taking up a larger share of homebuyers’ incomes and sky-high inflation is making it more difficult for some would-be buyers to save for a down payment or come up with the additional cash they need to afford a higher monthly payment.” --Edward Seiler, MBA Associate Vice President of Housing Economics and Executive Director of the Research Institute for Housing America.

Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $223 on each loan they originated in the first quarter, a sharp drop from a reported gain of $1,099 per loan in the fourth quarter, the Mortgage Bankers Association reported Tuesday.