Both high interest rates and expensive home prices are impacting potential homebuyers, making mortgage payments more expensive than last year. In fact, mortgage payments are up almost 20% from a year ago, according to a report from Redfin.com. The typical U.S. monthly mortgage payment during the four weeks ending July 30 was $2,605, Redfin reported. This represents an increase of 19% from the prior year and a slight decline of $32 from July’s all-time high of $2,637. As of July 13, 2023, the 30-year fixed mortgage rate was at 7.39%.
