--- title: The Typical Mortgage Payment Just Hit a Record High of $2,563 description: The median mortgage payment on a home is now over $2,500 — a new record high, thanks to rising mortgage rates, a new Redfin report says. authors: - name: Sarah Hansen role: Senior Writer url: https://money.com/author/sarah-hansen/ bio: Sarah Hansen is a senior writer at Money covering all things personal finance. Previously, she covered economic policy and capital markets on the breaking news desk at Forbes. education: Northwestern University, New York University at_money_since: 2021 articles: 347 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes social: - https://www.linkedin.com/in/sarah-m-hansen/ former_staff: true editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-03-10T17:10:44.000Z' modified: '2024-02-18T13:36:23.000Z' section: Housing tags: - mortgage payments - mortgage rates - News word_count: 322 canonical: https://money.com/typical-mortgage-payment-record-high/ 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/). ![Person Pressing A Button On An Oversized Calculator In The Shape Of A House With Arrows Shooting Up Behind It](https://img.money.com/2023/03/News-Monthly-Mortgage-Payment-Record-High.jpg) Presented by ![](https://s3.consumersadvocate.org/prd/image/image/38138/a1d25ab8-422a-48d0-9bc7-c9801c2d423d.webp) Becoming a homeowner is closer than you think with AmeriSave Mortgage. Don't wait any longer, start your journey today! [Go to AmeriSave.com](https://money.com/pr/vfba9b7bee33?ap_referrer=%2Ftypical-mortgage-payment-record-high%2F) If it feels like [buying a home](https://money.com/how-to-buy-a-house/) is more expensive than it’s ever been, you’re right: The typical [monthly mortgage](https://money.com/best-mortgage-lenders/) payment just hit a new record high. ## What the data shows The mortgage payment for a typical homebuyer climbed to an all-time high of $2,563 this week, according to [new data](https://www.redfin.com/news/housing-market-update-mortgage-payment-record-high/) from the real estate brokerage Redfin. That’s a bump of nearly 30% over the same week last year, when the typical monthly payment was $1,988. Home prices, meanwhile, actually dropped by about 1% over this time period, with the median sale figure falling to $352,750. The culprit is [mortgage rates](https://money.com/current-mortgage-rates/), which have risen 2.88 percentage points over the last year and [approached 7%](https://money.com/current-mortgage-rates/) this week. Redfin’s experts say those sky-high borrowing costs are keeping would-be buyers and sellers out of the housing market. With that in mind, it’s no wonder that both buyers and sellers are feeling so [pessimistic about the market](https://money.com/buyers-sellers-housing-market-pessimism/). ## Your dream home is within reach with Lendingtree Mortgage ### Get a low Mortgage Rate on a home you’ll love. Lendingtree Mortgage can guide you in your home-buying journey. All it takes is one click on your state to get the ball rolling. [View Rates](https://money.com/pr/x6817395eddb?ap_referrer=%2Ftypical-mortgage-payment-record-high%2F) Not all products are eligible. All loans are subject to credit approval. [Additional](https://www.amerisave.com/lock-shop/) terms & conditions apply. ## What’s next It’s hard to know exactly where mortgage rates are heading, though some experts expect them to keep climbing as the Federal Reserve [raises interest rates](https://money.com/fed-interest-rate-hike-february-2023/) even higher. But a swing in either direction would have a big impact on the housing market. “Mortgage rates will likely play a strong role in determining whether the market slows further or picks up speed,” Realtor.com chief economist Danielle Hale said in a [blog post](https://www.realtor.com/research/weekly-housing-trends-view-data-week-mar-4-2023/) this week. She noted that when it comes to [time spent on the market](https://money.com/homes-for-sale-on-market-longer/), homes are hovering halfway between the red-hot frenzy of the pandemic and what was typical before the crisis. “Rates starting to decline would likely bring some buyers and sellers back,” Redfin deputy chief economist Taylor Marr said in a release, “and rates rising would push more away.” ## Stop dreaming — a new home is possible with AmeriSave Mortgage ### Don’t waste another minute and start the process of locking a Mortgage Rate that’s right for you by clicking below. [View Rates](https://money.com/pr/s714e25b4065?ap_referrer=%2Ftypical-mortgage-payment-record-high%2F) Not all products are eligible. All loans are subject to credit approval. [Additional](https://www.amerisave.com/lock-shop/) terms & conditions apply. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/typical-mortgage-payment-record-high/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Housing", "item": "https://money.com/housing/" }, { "@type": "ListItem", "position": 3, "name": "Home Buying", "item": "https://money.com/home-buying/" }, { "@type": "ListItem", "position": 4, "name": "The Typical Mortgage Payment Just Hit a Record High of $2,563" } ] }, { "@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/typical-mortgage-payment-record-high/#webpage", "url": "https://money.com/typical-mortgage-payment-record-high/", "name": "The Typical Mortgage Payment Just Hit a Record High of $2,563", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-03-10T17:10:44.000Z", "mainEntity": { "@id": "https://money.com/typical-mortgage-payment-record-high/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/typical-mortgage-payment-record-high/#breadcrumb" }, "dateModified": "2024-02-18T13:36:23.000Z" }, { "@type": "NewsArticle", "headline": "The Typical Mortgage Payment Just Hit a Record High of $2,563", "articleSection": "Housing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/03/News-Monthly-Mortgage-Payment-Record-High.jpg", "width": 2880, "height": 1920, "caption": "News-Monthly-Mortgage-Payment-Record-High" } ], "author": [ { "@type": "Person", "name": "Sarah Hansen", "url": "https://money.com/author/sarah-hansen/", "@id": "https://money.com/author/sarah-hansen/#author", "description": "Sarah Hansen is a senior writer at Money covering all things personal finance. Previously, she covered economic policy and capital markets on the breaking news desk at Forbes.", "image": "https://img.money.com/2021/10/a_sarah-hansen.jpg?quality=85&w=400&h=440&crop=1", "email": "sarah.hansen@money.com", "alumniOf": "Northwestern University, New York University", "sameAs": [ "https://www.linkedin.com/in/sarah-m-hansen/" ] } ], "publisher": "https://money.com/#organization", "datePublished": "2023-03-10T17:10:44.000Z", "description": "The median mortgage payment on a home is now over $2,500 — a new record high, thanks to rising mortgage rates, a new Redfin report says.", "abstract": "The median mortgage payment on a home is now over $2,500 — a new record high, thanks to rising mortgage rates, a new Redfin report says.", "@id": "https://money.com/typical-mortgage-payment-record-high/", "inLanguage": "en-US", "dateModified": "2024-02-18T13:36:23.000Z", "editor": [ { "@type": "Person", "name": "Brad Tuttle", "url": "https://money.com/author/brad-tuttle/", "@id": "https://money.com/author/brad-tuttle/#author", "description": "Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals.\r\n\r\n", "image": "https://img.money.com/2014/01/Brad-Tuttle.png?w=226&h=247&crop=1", "alumniOf": "Columbia University School of Journalism, MS", "sameAs": [ "https://twitter.com/bradrtuttle", "https://linkedin.com/in/brad-tuttle-834b225" ] } ], "wordCount": 322, "keywords": [ "mortgage payments", "mortgage rates", "News" ], "about": [ { "@type": "Thing", "name": "Housing in the United States", "sameAs": [ "https://en.wikipedia.org/wiki/Housing_in_the_United_States" ] }, { "@type": "Thing", "name": "Real estate", "sameAs": [ "https://en.wikipedia.org/wiki/Real_estate" ] }, { "@type": "Thing", "name": "Mortgage", "sameAs": [ "https://en.wikipedia.org/wiki/Mortgage" ] } ] } ] } ```