The Daily Spark

Housing Affordability

May 2, 2022

The average monthly payment on a new mortgage is now $1,361, driven by higher rates and higher home prices, see chart below.

Chart showing surging monthly mortgage payments due to higher income and rising interest rates
Source: NAR, Haver Analytics, Apollo Chief Economist. Note: NAR begins with the median price of existing single-family homes sold, and they assume an 80% mortgage loan-to-value ratio, that is, a 20% down-payment from the buyer. Using the average effective mortgage rate on loans closed, NAR calculates the median mortgage payment.