Is your monthly mortgage payment too high?
With interest rates at a record low and minimal inventory in many markets, homeowners (or those looking to become homeowners) are expressing an interest in the average mortgage payment in their state and how their current mortgage payment compares. See how your mortgage payment compares to state averages … and if you can save money.
The data that is most useful and available is the MEDIAN mortgage payment, but we’re using the word “average” here to keep things simple. Below you will find average mortgage payments in states where Cornerstone First is licensed.
Data from the 2018 American Community Survey shows that homeowners paid a median amount of $1,556 per month. This figure includes a mortgage payment, as well as insurance costs, property taxes, utilities, and HOA fees where necessary.
Average mortgage payment in Maryland:
$1,987
Average mortgage payment in Virginia:
$1,767
Average mortgage payment in Washington, D.C.:
$2,803
Average mortgage payment in Georgia:
$1,383
Average mortgage payment in Colorado:
$1,681
Average mortgage payment in Florida:
$1,466
Average mortgage payment in California:
$2,282
Average mortgage payment in Pennsylvania:
$1,474
* Source: Business Insider
Tap into your home’s equity now
Interest rates are the lowest they have been in 50 years. Ninety percent of Americans have rates that are higher than the prevailing interest rates of less than 3% without paying any points. A difference of as little as 0.5% in interest rate in most cases will help homeowners save money.
The Federal Reserve has indicated that they likely will not raise rates for a period of two years. With homeowner debt estimated at $14 trillion, eclipsing that of the Great Depression, now is the perfect time to access the nearly $17 trillion of untapped equity in homes across America.
This equity can be used to consolidate or pay down debt, or for home improvements.
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The Feds have postured that interest rates are not likely to rise for two years. Inventory in the housing industry is low in many markets. If you’re thinking about refinancing or relocating, now may be the time. With interest rates at a 50-year low, homeowners can refinance and consolidate debt or shorten the term of their loan.
To see if you can do even better than the average mortgage payment in your state, request a free quote from Cornerstone First.
