Mortgage rates have been stubbornly high recently, hovering around 7% for much of 2024. Those rates have driven up monthly mortgage loan payments in turn, with the average monthly mortgage now sitting at over $2,200.And, unfortunately for homebuyers, interest rates and loan payments aren't the only costs you face when buying a house.
'Properties within states and locations prone to severe weather or natural disasters will likely pay much higher insurance premiums.'Home insurance requires annual renewal, so your premiums can rise over time, too. When this happens, it can impact your mortgage payment up as well.
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