Rising mortgage rates push monthly house payments higher
By Susan Taylor Martin
Tampa Bay Times
Published: Oct 16, 2018

Buying a house? Rising mortgage rates are pushing monthly payments for the typical U.S. home 15.4 percent higher than they would have been if you had purchased a year ago, Zillow says.

Since January, the average mortgage rate has climbed from about 4 percent to 4.9 percent. For someone buying the median-priced U.S. home, the payment is $118 higher each month, or $1,416 for the year.

While mortgage rates have risen, the increase in home values has slowed somewhat, growing 6.5 percent annually in August after peaking at 8.2 percent in March.

These slower price gains may be seen as an advantage for buyers, but the rapid increase in mortgage rates work against the benefits of a slightly cooler market.

SUSAN TAYLOR MARTIN Real Estate Reporter