--- title: The Typical Mortgage Bill Has Risen Nearly 20% Since Last Summer description: For the typical U.S. homebuyer, monthly mortgage payments increased to $2,605 in the four weeks ending July 30. That's 19% higher than the same time last year. authors: - name: Mary Ellen Cagnassola role: Reporter url: https://money.com/author/mary-ellen-cagnassola/ bio: Mary Ellen (M.E.) Cagnassola is a former reporter at Money, where she covered Social Security, retirement, housing, and employment. Her work reflects her commitment to service and equity in consumer finance. education: Rutgers University, BA Journalism at_money_since: 2021 articles: 205 covers: - Mortgages - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes former_staff: true editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Mortgages - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Personal Finance - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2023-08-09T17:37:28.000Z' modified: '2024-02-18T13:24:50.000Z' section: Mortgages tags: - News - real estate word_count: 465 canonical: https://money.com/mortgage-bills-rise-20-percent/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo-illustration of two houses made of dollar bills.](https://img.money.com/2023/08/News-Homeowners-Paying-More-Mortgage.jpg) High interest rates and home prices are making mortgages significantly more expensive on a year-over-year basis, according to new analysis that confirms what many homeowners already know. A recent [report](https://investors.redfin.com/news-events/press-releases/detail/953/redfin-reports-the-typical-u-s-homebuyers-monthly) from real estate brokerage Redfin found that mortgage payments are up nearly 20% from last year. The hit to housing affordability has [homeowners](https://money.com/cities-low-homeownership-costs/) clinging to their current [mortgage rates](https://money.com/current-mortgage-rates/), resulting in a downturn in supply. Mortgage payments are ultra-high thanks to rising [interest rates](https://money.com/current-mortgage-rates/), which hit almost 7% last week. As a result, wannabe homebuyers are [staying put](https://money.com/current-mortgage-rates/) to avoid having to take out the more expensive mortgages that would accompany a new home purchase. Sellers are also being sidelined as homeowners stay locked into their comparatively low rates. Even with fewer homebuyers on the [market](https://money.com/homes-changed-ownership-2023/), Redfin’s Homebuyer Demand Index shows still a disconnect between supply and demand in which homebuyers are at a greater disadvantage. In fact, [other research](https://money.com/homebuyer-purchasing-power-down-mortgage-rates/) from Redfin shows that homebuyers have lost an astounding $60,000 in purchasing power this year thanks to high mortgage rates and their impact on inventory. “High rates are also sidelining prospective buyers, but not as much as they’re deterring would-be sellers,” Redfin's August report says. Low inventory is pushing home prices even higher, making this year an especially unaffordable time to buy a house — and unfortunately for buyers, it doesn’t look like circumstances will improve within the year. In [Freddie Mac’s](https://www.freddiemac.com/research/forecast/20230724-the-economy-though-volatile-has-shown-resilience-in-the-face-of-rising) July economic, housing and mortgage outlook, the real estate authority said that thanks to mortgage rate lock-in pushing would-be sellers out of the market, it’s unlikely that a steady [supply](https://money.com/why-are-there-no-houses-for-sale/) of existing homes will come on the market any time soon. [Zillow and Other Rental Sites Are Now Disclosing Sneaky 'Junk Fees' Upfront](https://money.com/zillow-rental-sites-junk-fees/) [Foreclosures Are on the Rise in These 10 U.S. Cities](https://money.com/home-foreclosures-rise-cities/) [The Average U.S. Home Is Now Worth Over $350,000 — an All-Time High](https://money.com/average-home-worth-all-time-high/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/mortgage-bills-rise-20-percent/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Mortgages", "item": "https://money.com/mortgages/" }, { "@type": "ListItem", "position": 3, "name": "Mortgage Rates", "item": "https://money.com/mortgage-rates/" }, { "@type": "ListItem", "position": 4, "name": "The Typical Mortgage Bill Has Risen Nearly 20% Since Last Summer" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/mortgage-bills-rise-20-percent/#webpage", "url": "https://money.com/mortgage-bills-rise-20-percent/", "name": "The Typical Mortgage Bill Has Risen Nearly 20% Since Last Summer", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-08-09T17:37:28.000Z", "mainEntity": { "@id": "https://money.com/mortgage-bills-rise-20-percent/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/mortgage-bills-rise-20-percent/#breadcrumb" }, "dateModified": "2024-02-18T13:24:50.000Z" }, { "@type": "NewsArticle", "headline": "The Typical Mortgage Bill Has Risen Nearly 20% Since Last Summer", "articleSection": "Mortgages", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/08/News-Homeowners-Paying-More-Mortgage.jpg", "width": 2880, "height": 1920, "caption": "News-Homeowners-Paying-More-Mortgage" } ], "author": [ { "@type": "Person", "name": "Mary Ellen Cagnassola", "url": "https://money.com/author/mary-ellen-cagnassola/", "@id": "https://money.com/author/mary-ellen-cagnassola/#author", "description": "Mary Ellen (M.E.) Cagnassola is a former reporter at Money, where she covered Social Security, retirement, housing, and employment. Her work reflects her commitment to service and equity in consumer finance.", "image": "https://img.money.com/2023/02/mary-ellen.png?w=350&h=430&crop=1", "alumniOf": "Rutgers University, BA Journalism" } ], "publisher": "https://money.com/#organization", "datePublished": "2023-08-09T17:37:28.000Z", "description": "For the typical U.S. homebuyer, monthly mortgage payments increased to $2,605 in the four weeks ending July 30. That's 19% higher than the same time last year.", "abstract": "For the typical U.S. homebuyer, monthly mortgage payments increased to $2,605 in the four weeks ending July 30. 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