For buyers entering the spring market, there are finally a few signs of relief.
The National Association of REALTORS® reported that its Housing Affordability Index reached 117.6 in February 2026, up from 117.1 in January and 103.1 a year earlier. It was the strongest reading since March 2022, as existing-home sales increased by 1.7% month over month. The Mortgage Bankers Association also found that the national median mortgage payment for purchase applicants dipped to $2,061 in February, down from $2,070 the month before. Taken together, those numbers point to a market that is a bit less punishing than it was a year ago.
Housing affordability still butting up against mortgage rates
Still, buyers are not exactly moving through a wide-open door. Freddie Mac said the average 30-year fixed-rate mortgage was 6.38% on March 26, down from 6.65% a year earlier, but still high enough to keep monthly payments front and center in every decision. A small rate shift can still change the equation quickly, especially for households already stretching to make the numbers work.
So while the housing affordability picture has improved, it has not loosened by much. Buyers may be feeling more optimistic than they were a year ago, but they are still watching the math closely—and in many cases, they have to.
