The monthly mortgage payment for a typical home in the United States for new buyers has climbed by 45 percent or about $600 over the previous year, according to the estimates by the National Association of Realtors (NAR).
In April, the average monthly mortgage payment for a single-family home increased to $1,900, based on a median home value of $391,200 with a 10 percent down payment and 5 percent 30-year mortgage rate, an analysis by Gay Cororaton, NAR’s senior economist showed.
This is a significant jump over last year’s average $1,300 mortgage payment, Cororaton told The Epoch Times.
Estimates indicate that if the Federal Reserve continues with its projected rate hikes this year, monthly mortgage payments will be about $800 higher compared to last year, making homeownership much more challenging….