Report: Average Monthly Mortgage Payment is $2,317
The average payment on a new mortgage in the U.S. is currently at $2,317 a month, according to a new data study from LendingTree (NASDAQ:TREE).
Within the states, average mortgage payments are most expensive in Hawaii ($3,696), California ($3,399) and Massachusetts ($3,201). At the other end of the spectrum, average mortgage payments are least expensive in West Virginia ($1,700), Kentucky ($1,711) and Michigan ($1,742).
“Unfortunately, even as the housing market cools and prices fall in some areas, mortgage payments are likely to remain steep for most new buyers, at least compared to where they were over the pandemic,” said LendingTree’s Senior Economist Jacob Channel. “This is because mortgage rates are poised to remain relatively high for some time while prices aren’t likely to drop drastically in most parts of the country.”
“Looking at the cost of new mortgages is important when gauging the overall state of the housing market, but it doesn’t tell the whole story,” Channel added. “It does help illustrate that rising mortgage rates and payments don’t necessarily mean the housing market is on the verge of collapse. After all, even if new borrowers will likely have a tougher time making payments, homeowners with older loans or no loans are still in a good place to keep on top of their housing costs.”