Home affordability is making a small comeback, improving for the second consecutive month in July. The national median payment by applicants decreased to $1,844 from $1,893 in June. The Mortgage Bankers Association's (MBA) Purchase Applications Payment Index (PAPI), measures how new monthly mortgage payments vary across time relative to income. A decrease in the PAPI indicates an improvement in borrower affordability conditions, occurring when loan application amounts decrease, mortgage rates decrease, or earnings increase.