Homebuyers get relief with slightly lower mortgage payments

• Out of 50 states (and Washington, D.C.), 32 had lower PAPI values in August than in July. This includes six of the top 10 states with the highest PAPI values.

• The national median mortgage payment for FHA loan applicants was $1,469 in August, up from $1,461 in July and up from $1,009 in August 2021.

• The national median mortgage payment for conventional loan applicants was $1,901, up from $1,892 in July and up from $1,350 in August 2021.

• The top five states with the highest PAPI were: Idaho (257.5), Nevada (249.4), Arizona (224.2), Utah (213.3), and California (202.4).

• The top five states with the lowest PAPI were: Washington, D.C. (101.0), Alaska (108.2), Connecticut (108.9), Louisiana (110.5), and Oklahoma (120.1).