MBA Chart of Week June 3, 2022: MBA Purchase Applications Payment Index

In March, MBA released its inaugural monthly Purchase Applications Payment Index (PAPI) – an affordability index that measures how new fixed-rate 30-year purchase mortgage payments vary across time relative to income. The third PAPI release on May 26 – based on April MBA Weekly Applications Survey data – gives us a picture of how affordability has been affected by increasing interest rates and elevated loan application amounts in the first third of 2022.

MBA Chart of Week June 3, 2022: MBA Purchase Applications Payment Index

In March, MBA released its inaugural monthly Purchase Applications Payment Index (PAPI) – an affordability index that measures how new fixed-rate 30-year purchase mortgage payments vary across time relative to income. The third PAPI release on May 26 – based on April MBA Weekly Applications Survey data – gives us a picture of how affordability has been affected by increasing interest rates and elevated loan application amounts in the first third of 2022.

MBA Chart of the Week May 20, 2022: ARM Loan Trends

The recent increase in the adjustable-rate mortgage share of applications has caught the attention of market participants and the media. The ARM share has increased from 3.1 percent in the first week of January to 10.3 percent as of the week ending May 13, peaking at 10.8 percent the week prior.

MBA Chart of the Week May 20, 2022: ARM Loan Trends

The recent increase in the adjustable-rate mortgage share of applications has caught the attention of market participants and the media. The ARM share has increased from 3.1 percent in the first week of January to 10.3 percent as of the week ending May 13, peaking at 10.8 percent the week prior.