Mortgage Payments Surge 50%, Homebuyers Get Priced Out

  • As mortgage rates climbed, typical monthly mortgage payments on existing single-family homes with a 20% down payment skyrocketed by 50% in the third quarter of 2022 compared to the year prior, according to data released by the National Association of Realtors (NAR) Thursday.
  • Monthly mortgage payments under the above conditions climbed to $1,840 between July and September, and the median price of existing single-family homes climbed 8.6% on an annual basis to $398,500, according to the NAR. This monthly payment represented 25% of a family’s monthly income, and was up dramatically from the same time last year, when the typical payment was just $1,226, roughly 17.2% of a family’s income.
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