Homebuyer affordability dips after seven-month run

Homebuyer affordability worsened in January for the first time in seven months, despite mortgage rates hitting a three-year low.

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The national median payment applied for by purchase applicants rose from $2,025 in December to $2,070 last month, according to the Mortgage Bankers Association’s Purchase Applications Payment Index. That’s on par with levels recorded in September,…