“If we look at where we are, relative to where most of us expected the U.S. to be, it truly has been exceptional. As to where we're going, I think we have a 70% chance that we either soft land or do better.” --Economist Mohamed El-Erian speaking at MBA's Annual Convention & Expo

Homebuyer affordability improved in September, with the national median payment applied for by purchase applicants decreasing to $2,041 from $2,057 in August. This is according to MBA's Purchase Applications Payment Index, which measures how new monthly mortgage payments vary across time – relative to income.