US homebuyers’ monthly payments have increased by 19% compared to last year.

Monthly Mortgage Payments on the Rise

Hold on tight,⁣ homeowners! Monthly ⁢mortgage payments have​ skyrocketed ⁣in the past ⁣year, leaving ​many feeling the squeeze. This unfortunate situation is a result of both soaring 30-year mortgage rates and housing prices that​ seem ⁢to be reaching for the stars.

According to the esteemed Mortgage Bankers ⁤Association, the current state of affairs⁣ has made the‌ housing market one of the most unaffordable in the history of the United States. Ouch!

Just how much are we talking about here? Well, during the four weeks that ended recently, the average monthly mortgage payment on a typical home was a whopping $2,605. That’s no ⁢small change!