The average monthly payment on a new mortgage is now $1,361, driven by higher rates and higher home prices, see chart below.
![Chart showing surging monthly mortgage payments due to higher income and rising interest rates](https://apolloacademy.com/wp-content/uploads/2022/09/050222-Monthly-Mortgage-1024x791.jpg)
The average monthly payment on a new mortgage is now $1,361, driven by higher rates and higher home prices, see chart below.