The Average Mortgage Payment Is Declining. Here’s Why.
According to a report that was recently published by the United States Census Bureau, the average mortgage payment has been dropping. According to the bureau, the average payment is just over $1,500 per month. This is shockingly close to the average cost of renting, which is just under $1,500 per month. This data shows that the average mortgage payment is declining, down by around three percent in the past 18 months. This trend is expected to continue. Some people might be surprised that the average mortgage rate is dropping, given that the average real estate value continues to rise across…