close
close

Ourladyoftheassumptionparish

Part – Newstatenabenn

    • The average mortgage payment now ranges between ,242 and ,046. See where your city falls.
    patheur

    The average mortgage payment now ranges between $1,242 and $7,046. See where your city falls.

    Sakege Posted on

    Key takeaways

    • The latest research from Realtor.com shows that nationwide, median home prices remained relatively stable in October, with the median sales price hovering around $425,000.
    • But 30-year mortgage rates rose considerably: to an average of 6.59% in October compared to 6.11% in September.
    • With a 20% down payment, that brings the national average mortgage payment to $2,169 in October, an increase of $107 per month.
    • But some places are considerably more expensive, like the San Jose area, where the average monthly payment tops $7,000. Meanwhile, homebuyers in the greater Pittsburgh area can get payments close to $1,200.
    • To see how your market compares, we’ve calculated the average monthly payment for the 50 largest metro areas below.

    The full article continues below these offers from our partners.

    Median home prices held steady in October, but mortgage rates rose

    After falling for three consecutive months, the median home price in the United States remained relatively stable in October. According to Realtor.com’s latest monthly report on the U.S. home buying market, the median home price in October was $424,950. That’s just $50 less than September and about $20,000 less than the June average of $445,000.

    But what hurt homebuyers’ finances was rising mortgage rates, which rose sharply. According to Zillow rate quotes for 30-year fixed-rate new purchase mortgages, the average rate in October was 6.59%. In September, it was a much lower 6.11%.

    Assuming 20% depositOctober’s higher mortgage rates resulted in a nationally average monthly mortgage payment (principal and interest only) that was $107 more expensive than the typical September payment.

    Of course, home prices vary widely across the country, so the mortgage payment for someone in Pittsburgh will be very different than someone buying in San Francisco. Below are some key findings from our analysis of the 50 largest metropolitan areas:

    • The four most expensive markets were all in California, with the San Jose area topping the list at $7,046 per month.
    • The highest-cost metro outside of California was Boston, at $4,280 per month, followed by New York and Seattle, both in the $3,800 range.
    • Only five of the 50 largest metropolitan areas have an average payout below $1,500: Pittsburgh, Cleveland, Buffalo, Detroit and Rochester. Pittsburgh’s average of $1,242 makes it the most affordable.

    To see how all 50 metro areas compare, we’ve listed median home prices, October’s average mortgage rate, and typical monthly payments below, organized by region.

    the northeast

    Metropolitan area Average house price (October 2024) Average 30-year mortgage rate (October 2024) Monthly payment assuming 20% ​​down payment
    Boston-Cambridge-Newton, Mass.-NH $837,450 6.60% $4,280
    New York-Newark-Jersey City, NY-NJ-Pa. $762,375 6.55% $3,876
    Washington-Arlington-Alexandria, DC-Va.-Md.-W. Virginia. $599,781 6.68% $3,090
    Providence-Warwick, RI-Mass. $552,500 6.60% $2,824
    Hartford-East Hartford-Middletown, Connecticut. $399,900 6.61% $2,046
    Philadelphia-Camden-Wilmington, Pa.-NJ-Del.-Md. $376,500 6.56% $1,917
    Baltimore-Columbia-Towson, Maryland. $369,995 6.70% $1,909
    Rochester, New York $277,450 6.55% $1,411
    Buffalo-Cheektowaga, New York, USA $269,900 6.55% $1,372
    Pittsburgh, Pennsylvania. $244,000 6.56% $1,242
    It involves a 20% down payment on the average home price in October and a 30-year fixed-rate mortgage at the average October rate for that metropolitan area. The monthly payment includes principal and interest but not insurance or taxes.

    the south

    Metropolitan area Average house price (October 2024) Average 30-year mortgage rate (October 2024) Monthly payment assuming 20% ​​down payment
    Nashville-Davidson-Murfreesboro-Franklin, Tennessee. $542,447 6.60% $2,771
    Miami-Fort Lauderdale-Pompano Beach, Florida. $525,000 6.52% $2,661
    Austin-Round Rock-Georgetown, Texas $520,000 6.53% $2,638
    Raleigh-Cary, North Carolina, USA $450,000 6.56% $2,291
    Richmond, Virginia. $443,018 6.64% $2,273
    Dallas-Fort Worth-Arlington, Texas $434,500 6.53% $2,204
    Charlotte-Concord-Gastonia, North Carolina-SC $429,947 6.56% $2,189
    Orlando-Kissimmee-Sanford, Florida. $427,450 6.52% $2,167
    Atlanta-Sandy Springs-Alpharetta, Georgia. $410,000 6.56% $2,087
    Tampa-St. Petersburg-Clearwater, Florida. $399,999 6.52% $2,028
    Virginia Beach-Norfolk-Newport News, Virginia-NC $393,115 6.64% $2,017
    Jacksonville, Florida. $397,750 6.52% $2,016
    Houston-The Woodlands-Sugar Land, Texas $369,450 6.53% $1,874
    Memphis, Tennessee-Miss.-Ark. $334,900 6.60% $1,710
    San Antonio-New Braunfels, Texas $335,000 6.53% $1,700
    New Orleans-Metairie, Louisiana. $325,125 6.59% $1,659
    Louisville/Jefferson County, Ky.-Ind. $317,400 6.56% $1,615
    Oklahoma City, Oklahoma. $314,825 6.63% $1,613
    Birmingham-Hoover, Alabama. $299,947 6.61% $1,534
    It involves a 20% down payment on the average home price in October and a 30-year fixed-rate mortgage at the average October rate for that metropolitan area. The monthly payment includes principal and interest but not insurance or taxes.

    The Midwest

    Metropolitan area Average house price (October 2024) Average 30-year mortgage rate (October 2024) Monthly payment assuming 20% ​​down payment
    Minneapolis-St. Paul-Bloomington, Minnesota-Wisconsin. $425,000 6.62% $2,177
    Milwaukee-Waukesha, Wisconsin. $377,500 6.63% $1,936
    Kansas City, Missouri-Kan. $377,000 6.62% $1,930
    Chicago-Naperville-Elgin, Ill.-Ind.-Wisconsin. $369,000 6.61% $1,887
    columbus, ohio $368,900 6.59% $1,883
    Cincinnati, Ohio-Ky.-Ind. $331,460 6.59% $1,692
    Indianapolis-Carmel-Anderson, Indiana. $321,950 6.62% $1,649
    St. Louis, Missouri-Ill. $299,450 6.62% $1,533
    Detroit-Warren-Dearborn, Michigan. $271,200 6.58% $1,382
    Cleveland-Elyria, Ohio $250,000 6.59% $1,276
    It involves a 20% down payment on the average home price in October and a 30-year fixed-rate mortgage at the average October rate for that metropolitan area. The monthly payment includes principal and interest but not insurance or taxes.

    West

    Metropolitan area Average house price (October 2024) Average 30-year mortgage rate (October 2024) Monthly payment assuming 20% ​​down payment
    San Jose-Sunnyvale-Santa Clara, California. $1,394,000 6.50% $7,046
    Los Angeles-Long Beach-Anaheim, California. $1,150,000 6.50% $5,813
    San Francisco-Oakland-Berkeley, California. $996,500 6.50% $5,037
    San Diego-Chula Vista-Carlsbad, California. $979,200 6.50% $4,949
    Seattle-Tacoma-Bellevue, Washington. $759,975 6.55% $3,863
    Sacramento-Roseville-Folsom, California. $627,250 6.50% $3,170
    Portland-Vancouver-Hillsboro, Oregon-Wash. $602,375 6.58% $3,072
    Denver-Aurora-Lakewood, Colorado. $600,000 6.57% $3,055
    Riverside-San Bernardino-Ontario, California. $599,000 6.50% $3,028
    Phoenix-Mesa-Chandler, Arizona. $519,950 6.59% $2,653
    Las Vegas-Henderson-Paradise, Nevada. $475,000 6.62% $2,433
    It involves a 20% down payment on the average home price in October and a 30-year fixed-rate mortgage at the average October rate for that metropolitan area. The monthly payment includes principal and interest but not insurance or taxes.

    How we track mortgage rates

    The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant’s credit score in the range of 680 to 739. The resulting rates represent what borrowers should expect when receiving quotes from lenders based on their qualifications. , which may vary from the initial advertised rates. © Zillow, Inc., 2024. Use is subject to Zillow Terms of Use.

    Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reports, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow to produce accurate and unbiased content on our
    editorial policy.

    1. Realtor.com. “October 2024 Monthly Real Estate Market Trends Report“.

    2. Realtor.com. “Monthly Real Estate Market Trends Report June 2024“.

    3. Rate averages are provided through the Zillow Mortgage API, assuming a down payment of at least 20% and an applicant’s credit score in the range of 680-739.




    Sakege
    View all posts

    You Might Also Like