Homebuyer affordability took another hit in November, with the national median payment applied for by purchase applicants rising to $2,133 from $2,127, according to the Mortgage Bankers Association (MBA).

The MBA’s purchase applications payment index (PAPI), which measures how new monthly mortgage payments change over time, relative to income, shows the median mortgage payments rose $6 from October. However, the payment was still down $4 from one year ago. The national median mortgage payment for FHA loan applicants was $1,898 in November, up from $1,842 in October, but down from $1,902 a year ago.

The PAPI, which is benchmarked to March 2012 being 100, rose 0.3% in November to 163.3, up from 162.8 in October. An increase in the PAPI indicates declining affordability conditions for homebuyers and that the mortgage payment-to-income ratio is higher due to increasing application loan costs, rising mortgage rates or a decrease in earnings.

The five states with the highest PAPI were Nevada, with a rate of 248.7; Idaho (244.20); Arizona (220.7) and Florida (209.9). The states with the lowest PAPI are Louisiana, with an index rate of 109.6; Connecticut (117.4), Alaska (119.3) and New York (126.1).

“Homebuyer affordability conditions declined slightly in November as elevated mortgage rates and rising home prices impacted prospective buyers’ purchasing power,” said Edward Seiler, MBA’s associate vice president, housing economics, and executive director, research institute for housing America. “With demographic support for housing demand, and the gradual increase in housing supply that is expected, home sales and purchase originations are expected to grow in 2025, even as affordability challenges persist.”