Lower mortgage rates and increasing incomes could see mortgage affordability go back to the most manageable level in nearly five years, it has been suggested. If average mortgage rates sit at around 4.25-4.5% as expected, affordability would be back at levels last seen in 2021. According to Moneyfacts’ analysis, in June 2024, average mortgage payments rose to 49.1% of a typical gross monthly salary. Adam French, head of consumer finance at Moneyfacts, said mortgage rates were easing, but the era of “ever-cheaper borrowing is firmly behind us”. However, mortgage affordability is moving in the right direction, and that will come as a real relief to borrowers, who have endured a few really tough years.