Monthly Mortgage Payments Fall in Popular Metros

With buyer demand wavering across the housing market, average monthly mortgage payments are beginning to drop in some of the most heavily populated metros. According to real estate marketing platform Redfin, 12 of the 50 most populous U.S. metros are seeing mortgage payments decrease.

Half of these markets are located in previously booming states, such as Texas and Florida. For instance, the typical monthly mortgage payment in Jacksonville, Fla., fell by 4.2% year-over-year to $2,482, as of most recent March data. However, not every market is seeing payments drop. Some metros, predominantly in the Northeast, continue to see monthly mortgage payments rise.

In Cleveland, the typical homebuyer locked in a $1,687 monthly payment in March, up 9.3% year over year–the biggest increase of the 50 most populous U.S. metros.

Next come four East Coast metros, three of them in the greater New York City area: Newark, NJ, where the median monthly payment rose 6.7% to $4,485, Providence, RI, (5.6% to $3,451), Nassau County, NY (5.4% to $5,189) and New Brunswick, NJ (5.1% to $4,061). Read more