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Real Estate

American Mortgage Payment Costs Are Now 36% Higher Than a Year Ago

Higher mortgage rates are combining with an unrelentingly expensive real-estate market to push up costs for homebuyers. 

The Logan Circle neighborhood above Washington, D.C.

The Logan Circle neighborhood above Washington, D.C.

Photographer: Al Drago/Bloomberg

Finding a home to buy is only the first struggle. Then there’s paying the mortgage.

That’s become increasingly challenging, with the average American monthly mortgage payment rising to the highest level ever. It’s now $1,230 per month for a 30-year, fixed-rate loan, according to data from home-listing site Zillow. That’s up 36% from the average of $905 a year ago and a 6% increase from January.