GRAND JUNCTION, Colo. (KREX) — Mortgage payments are on the rise in Grand Junction.
A study published by Construction Companies finds the average monthly mortgage payment has increased 60.6% since January 2022.
The study finds the median home price in Grand Junction to be $394,056. A mortgage payment for a medium-priced home was $1,239 one year ago. Today, the same house has a mortgage payment of $1,990.
According to the study, mortgage payments are more than double their rates in 2021. Home prices increased drastically across the U.S. due to the COVID-19 pandemic, and some homebuyers are starting to feel the pain of high mortgage rates combined with expensive housing.
On average, the study finds monthly mortgage payments have risen 66% since last year.
30-year fixed-rate mortgages reached a historic low of 2.65% in January 2021, but inflation started to rapidly climb from there. The Federal Reserve then raised interest rates in March to try to slow inflation but that had little impact.
Inflation continued to rise, and in November 2022, the average fixed-year rate topped 7%, nearly a 4.5% increase from January that same year and the highest the national average fixed-rate mortgage interest rate in more than twenty years.