By loan type, the median payment for FHA applicants increased to $1,873 in May from $1,829 in April, though it remained below the $1,927 recorded in May 2025. For conventional loan applicants, the median payment rose to $2,211 from $2,166 in April and was down from $2,235 a year earlier.
Mixed conditions overall
Affordability also varied widely by location. Idaho had the highest PAPI reading in May at 254.1, followed by Nevada at 231.5, Rhode Island at 213.1, Arizona at 209.1, and Florida at 200.4. The lowest readings were in Louisiana at 121.7, the District of Columbia at 123.1, Connecticut at 124.9, Alaska at 128.6, and Maryland at 132.2.
The broader housing market showed mixed conditions. Existing-home sales rose 3.2% in May to a seasonally adjusted annual rate of 4.17 million, according to the National Association of Realtors. At the same time, the median existing-home price increased 1.3% from a year earlier to $429,300, while inventory stood at 4.5 months of supply.
The new-home market moved differently. MBA’s Builders’ Purchase Application Payment Index showed that the median mortgage payment for new-home purchase applications decreased to $2,173 in May from $2,188 in April.
That came as new-home sales slowed. Census Bureau and Department of Housing and Urban Development data showed new single-family home sales fell 7.3% in May to a seasonally adjusted annual rate of 580,000. The number of new homes for sale rose to 496,000, equal to 10.3 months of supply, while the median new-home sales price was $424,900.