The average mortgage payment has increased by $1,339 in the last ten years.

By the Numbers: A Striking Figure in Personal Finance News Today
If you’re buying a typical home now, then you’re looking at a monthly mortgage payment that’s $1,339, much higher than the average home payment of about 10 years ago, one of the reasons it shows today. So many current homeowners are reluctant to keep their homes. market.

Two of the biggest factors behind the boom are rising mortgage interest rates and skyrocketing housing prices. According to Freddie Mac, the average rate on a nearly 30-year fixed-rate mortgage has nearly doubled since the beginning of the year to 6.70% last week, the highest since 2007. Coupled with the pandemic-era ballooning of property prices, and now soaring monthly mortgage payments on newly purchased homes,

But if you’re a homeowner who just locked in a lower mortgage rate at some point in the past, then your housing budget may not have increased much. For example, if you bought an average-priced home in August 2012, your monthly mortgage payment was $671.37, and it’s not a penny higher today (though your property tax and insurance bills may have gone up in the meantime).

It’s no wonder that people who were locked in at some point in the past with a good rate and a nice low payout are not ready to give it up. This is one of the main reasons why the supply of new homes for sale remains depressed, Mark Fleming, an economist at First American, a United States real estate title and services company, wrote in a recent blog post.

Because many customers have mortgage rates that are up to three full percentage points cheaper than those on the present market, many sellers have remained, according to Fleming. “Homeowners have opted not to sell, so diminishing the potential for the housing market,” says the author. “Since home sellers are also possible homebuyers.”

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