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Wealth

Mortgage Payments Hit Record High

The typical homebuyer’s monthly bill rose to $2,563 this week thanks to higher borrowing costs and prices that remain elevated. 

Residential homes in Teaneck, New Jersey.

Residential homes in Teaneck, New Jersey.

Photographer: Yuvraj Khanna/Bloomberg

Buying a home is more expensive than ever.

The typical US homebuyer’s monthly mortgage payment hit $2,563 this week, according to real estate brokerage Redfin. That’s up 29% from the same week last year and an all-time high in data going back to 2015. Although the sale price for a typical home slipped 1.2% from a year ago to $352,750, that decline was offset by rising mortgage rates, which hit their highest level since November this week.