Monthly Mortgage Payment

Both rent and mortgage payment price growth reached record highs in December, according to a new report from Redfin. Rents jumped to $1,877, 14.1% year-over-year (YOY) and the largest annual jump since at least February 2019, the earliest month in Redfin’s data. The national monthly mortgage payment rose 21.6% YOY, also the largest increase in Redfin’s data history. “The growth in mortgage payments has been driven by both climbing prices and climbing mortgage rates,” said Redfin Chief Economist Daryl Fairweather.  “And those rising mortgage costs push more potential homebuyers into renting instead, which pushes up demand and prices for rentals. Mortgage rate increases are accelerating, which will cause both mortgage payments and rent to grow throughout 2022.” The 30-year fixed-rate…