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Mortgage Payments Are Getting Cheaper

January 23rd, 2020 8:26 AM by Jackie A. Graves, President

The average mortgage payment is about $1,500 per month, according to the U.S. Census Bureau, coming in at about the same amount as the cost of renting (the average cost to rent was $1,476 in October).

Mortgage payments have decreased about 3% since mid-2018. They’re expected to get even lower this year, possibly 3.3% to 5.9% below this year, The Mortgage Reports notes.

The trend is occurring even as home prices rise. Mortgage rates, currently at around three-year lows, are helping more homeowners see a decrease in their monthly mortgage payments.

Census Bureau data shows that mortgage payments can vary quite a bit by location. For example, the Pacific region of the U.S., which faces some of the highest home prices, has an average mortgage payment of $2,096. On the other hand, the East South Central area has the lowest average for a mortgage, at $1,140.

This table from The Mortgage Reports shows the breakdown:

Pacific

$2,096

Washington, Oregon, California, Hawaii, Alaska

New England

$1,912

Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island

Middle Atlantic

$1,856

New York, Pennsylvania, New Jersey

Mountain

$1,439

Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico

South Atlantic

$1,437

West Virginia, Maryland, Delaware, Washington D.C., Virginia, North Carolina, South Carolina, Georgia, Florida

West South Central

$1,397

Oklahoma, Arkansas, Louisiana, Texas

West North Central

$1,321

North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Iowa, Missouri

East North Central

$1,296

Wisconsin, Michigan, Illinois, Indiana, Ohio

East South Central

$1,140

Kentucky, Tennessee, Mississippi, Alabama

 

Source: To view the original article click here

Posted by Jackie A. Graves, President on January 23rd, 2020 8:26 AM

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