#mortgage-payments

#mortgage-payments

Monthly payments for new and existing homes are now nearly equal, amid a trend of stagnating prices and increased use of mortgage buydowns among builders. That was one of the main findings from Realtor.com's Q3 New Construction Report. According to the report, buyers purchasing a new home last quarter had an average mortgage payment only about $30 more per month than those buying an existing home with less money down.

Home prices rose in 77% of metro areas in Q3 Furthermore, 4% of metro areas saw double-digit quarterly price gains, although that was down from 5% in the second quarter. Nationwide, the median price for a single-family home increased 1.7% year over year to $426,800. Prices increased by the same annual rate during the second quarter.

Once you buy a home, you expect your mortgage payment to stay steady, especially if you have a fixed-rate loan. But for many homeowners, the amount due each month can creep up over time, leaving you asking: "Why did my mortgage payment go up?" Whether you're paying off a home in Denver, CO or managing your home in Orlando, FL , this Redfin article explains the most common reasons mortgage payments rise, plus steps you can take to lower them.