Mortgage payments are 19% more expensive than last year as home prices continue surging, Redfin says

• Mortgage payments are 19% more expensive than last year, Redfin data shows.
• The typical homebuyer's monthly mortgage payment was $2,605 during July.
• That's largely due to surging home prices and higher mortgage rates, which have raised the cost of borrowing.

Mortgage payments are more expensive than the previous year, thanks to homebuyers facing surging mortgage rates and home prices.