RealtyTrac: Monthly House Payments For Homebuyers Up An Average 21%

(RTTNews) - RealtyTrac, an online marketplace for real estate data, Thursday said that monthly house payments for homebuyers increased an average 21 percent from last year in 325 U.S. Counties.

The housing affordability analysis showed that the estimated monthly house payment for a median-priced three-bedroom home purchased in the fourth quarter, including mortgage, insurance, taxes, maintenance, and subtracting the estimated income tax benefit, grew from last year.

According to the agency, the growth in monthly housing payments reflected an average 10 percent rise in median prices across the 325 counties combined with a 33 percent increase in the average interest rate for a 30-year fixed rate mortgage as reported by Freddie Mac in its Primary Mortgage Market Survey.

Despite the increase in costs to buy with financing, the analysis shows that the estimated monthly house payment for a median-priced three bedroom home in the quarter was lower than average fair market rent for a three bedroom home.

The report noted that among the 15 most populated counties analyzed the estimated monthly house payment increased an average of 34 percent from a year ago.