# With mortgage interest rates decreasing, monthly installments currently fluctuate from $1,190 to $6,752. In what location does your town reside?
### Main ideas
* As per Realtor.com, the typical U.S. home cost increased last month, with the typical asking cost in February at $412,000. That’s $11,500 more than January’s median price.
* Happily for property buyers, 30-year mortgage rates have been decreasing, averaging 6.77% in February, a decrease from 6.97% in January.
* Assuming a 20% initial payment, that converts to a nationwide average monthly mortgage payment of $2,142 in February.
* California metropolitan regions stay the most costly, with the San Jose market averaging $6,752 each month. In the meantime, Greater Pittsburgh has the lowest average monthly payment at $1,190.
* Of the 50 biggest metropolitan areas, roughly three-fourths experienced average monthly payments decrease in February. You can see the average for each market in the table below.
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## Median home prices increase, yet mortgage rates decrease
Following seven successive months of declines, the median U.S. home cost increased in February. As stated by Realtor.com’s most recent monthly report on the U.S. housing market, the median home cost in February was $412,000. That’s up $11,500 from January. However, it is still $33,000 less than the median of $445,000 in June 2024.
Balancing the higher home costs in February were lower mortgage rates, which have been decreasing dramatically in recent weeks. According to Zillow’s rate quotes for new home purchase mortgages, the average 30-year rate in February was 6.77%, down 20 basis points from the January average of 6.97%. Toncoin (TON) Value Forecast for March 26th
Assuming a 20% initial payment, higher home costs in February resulted in a national average monthly mortgage payment (principal and interest only) that was $17 higher than the typical payment in January.
Residing in the San Jose vicinity? Prepare yourself for a considerable price surge concerning accommodation! The typical recurring home loan installment totals a staggering $6,752. That constitutes a substantial segment of currency, and it genuinely exemplifies the exorbitant cost of existing in the epicenter of Silicon Valley.
