As inflation continues to rise over time, so does the cost of a mortgage for those trying to purchase a new home.
Interest rates for 30 year loans are at their highest level they have been in a decade.
What states have the most expensive payments for mortgages?
The average monthly payment nationally is $1,159 for a 30 year fixed home loan.
A 15 year fixed home loan is an average of $1,747.
The five highest states are
- District of Columbia: $2,684
- Hawaii: $2472
- California: $2,421
- New Jersey: $2,413
- Massachusetts: $2,276
The cheapest mortgages are in West Virginia with $1,052 payments and Arkansas with $1,094 payments.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].