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

Tech Insider : Economy
Housing market home for sale
People walk by a sold sign in front of a house along the Erie Canal in Pittsford, New York, on Monday, Sept. 6, 2021.

Ted Shaffrey/AP Photo

Housing affordability drops as home prices stay elevated and average mortgage costs jumped in March

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a half built house in phoenix desert
Housing prices are expected to drop.

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Homebuyers hoping for better deals as prices drop are getting slammed as average payments just hit a record high

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A house with a for sale sign in the front.
The typical US homebuyer's mortgage payment hit a record high in April, according to Redfin.

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