Homebuyer affordability improved slightly in June as the national median payment on new purchase mortgage applications fell to $2,191, down from $2,198 in May, according to the Mortgage Bankers Association (MBA)’s Purchase Applications Payment Index (PAPA). MBA reported that the national PAPI declined 0.3% to a reading of 157.9 in June, down from 158.4 in May. For borrowers seeking lower-payment loans at the 25th percentile, the national median payment declined to $1,522 in June, down from $1,532 in May. The national median mortgage payment for Federal Housing Administration (FHA) borrowers slipped to $1,872 — down from $1,873 in May and $1,881 in June 2025. The median payment on applications tied to new construction rose to $2,199, up from $2,173 in May.