House expense and cost, too expensive payment or high interest rate mortgage concept, heavy house broke savings piggybank metaphor of too much payment Source: AdobeStock.

People applying for mortgages in February found their payments were less affordable than any time since at least the end of the Great Recession, according to a new measure from the Mortgage Bankers Association.

The MBA’s Purchase Applications Payment Index measures how new monthly mortgage payments vary across time — relative to income — coupling federal income data with the MBA’s Weekly Applications Survey.

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Jim DuPlessis

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