People are forking out record $2,800 a month on average just to cover their mortgage payments

• Mortgage holders are shelling out a record $2,800 on average to cover their monthly payments.
• Mortgage costs have soared due to rising house prices and soaring interest rates.
• Mortgage rates are at a five-month high after stubborn inflation dashed hopes for rate cuts soon.

The average home owner is now forking out a record $2,800 just to cover their monthly payment, as soaring house prices and surging interest rates have made it costlier than ever to own a home.

The median monthly mortgage payment has jumped 11% over the past year to hit $2,775 for the four weeks ended April 14, Redfin data shows.