Mortgage interest rates were largely flat over the last 30 days. The minor recent change will only cost new borrowers about $1 per month for every $100,000 borrowed. Average U.S. interest rates for 30-year fixed rate mortgages were at 6.33% as of this week. Last month at this time, they were sitting at 6.31%.
Recent forecasts for changes in interest rates are mixed. That said, we are still within striking distance of rates being higher than the historical average (7.75%) mortgage interest rates in our country. When you compare monthly payments at today’s rates versus the long-term average, homeowners are currently saving about $95 per month per $100,000 borrowed. That makes mortgaging today’s homes somewhat more affordable than historic averages.
However, mortgages are significantly more expensive now than they were last year at this time. The average increase in monthly payments per $100,000 borrowed with a 30-year fixed price mortgage is around $170 per month over the last year. If you max out a conventional mortgage, that means your monthly payment will be around $1,200 more per month now than it would have been in January of 2022.