Mortgage Payments Spike Nearly 20% From a Year Ago

The median home sale price is up 3.2% from a year earlier, the biggest increase since November.

Graph with houses ascending indicating rising mortgage rates.
(Image credit: Getty Images)

Both high interest rates and expensive home prices are impacting potential homebuyers, making mortgage payments more expensive than last year. In fact, mortgage payments are up almost 20% from a year ago, according to a report from The typical U.S. monthly mortgage payment during the four weeks ending July 30 was $2,605, Redfin reported. This represents an increase of 19% from the prior year and a slight decline of $32 from July’s all-time high of $2,637. As of July 13, 2023, the 30-year fixed mortgage rate was at 7.39%.  

Mortgage rates 

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Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.