The share of Americans paying more than $2,000 a month for a mortgage has nearly tripled in just two years.

• The percentage of Americans paying $2,000 a month for a mortgage has risen in two years.

• In 2021, the percentage reached 18%. Black Knight data showed that the percentage reached 51% in July of this year.

• Nearly one in four homebuyers in July had payments of more than $3,000.

the The housing market is still unsustainable For many Americans, particularly high mortgage rates represent an expensive headwind.

Data released by mortgage data and analytics firm Black Knight on Wednesday shows just how overpriced they are for many U.S. homebuyers.

Nearly 51% of homebuyers face monthly mortgage payments of $2,000 or more, compared to 18% just two years ago. Not only that, but nearly a quarter of homebuyers have payments of more than $3,000 — up from 5% in 2021.

“Just when did a $2,000 monthly mortgage payment become the norm?” said Andy Walden, Vice President of Enterprise Research at Black Knight. “We were Talk about affordability For a while now, but this [data] “It puts the situation at ease.”

The Fed’s 11 rate hikes since March 2022 have helped pay Mortgage rates are at their highest levels in two decades, although home prices did not fall as they usually do when prices rise. As a result, current homeowners are reluctant to move for fear of giving up the low interest rates they previously received.

In July 2023, the average monthly principal and interest payments for borrowers with a 30-year fixed loan were $2,306, before additional taxes and insurance costs, according to Black Knight.

This is the highest monthly P&C payment ever, and has risen by 60% over the past two years.

Meanwhile, the US National Composite Case-Shiller Home Price Index showed that home prices rose for the fifth straight month in June. The gauge currently sits below just 0.02% An all-time high last summer.

“It’s not just the prices that are holding back potential homebuyers,” Walden said. “While exploitable equity levels have returned to near-record levels, rising interest rates are having a clear impact on how — and how much — mortgage holders are willing to walk away from their homes.”

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