Monthly Mortgage Payments Swell In Coastal Markets

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January 19, 2017

Since many of the most expensive U.S. housing markets are along the coasts, it makes sense that monthly mortgage payments are rising highest in several counties in New York, California, and Massachusetts.

Realtor.com reports that the jump in the average rate for a 30-year mortgage, from 3.5 percent in November to the current 4.12 percent, has increased monthly mortgage payments by more than $200 in places such as San Mateo County in California and Nantucket in Falls Church City in Virginia. Buyers in San Francisco County have spent $375 more per month, on average, over the last few months.

Home prices in expensive coastal markets have seen a rapid run-up in prices, driven by a lack of fresh supply and a flood of new jobs. The median home price in San Francisco County is now 39% above its precrisis peak, according to the California Association of Realtors.

Markets that have seen the smaller impact from rising mortgage rates are located in states such as Texas, West Virginia, Kentucky, and South Dakota. Payments have only gone up $13 a month in Cochran County, Texas.

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