In what is called the biggest jump ever, Southern California house payments are up 37%, topping $3,000 a month. April’s average mortgage is now at 4.3% vs. 2.98% a year earlier. Here in San Bernardino County. average payments have just crossed $2,000. Buyers who financed a median-priced home at $519,000 got a record-breaking $2,056 house payment, up 37% in 12 months and the largest jump ever. That is based on the typical monthly house payment assuming a 20% down payment. The total does not account for property taxes, association dues or insurance. Mortgage costs are soaring as the Federal Reserve tries to cool an overheated economy that’s pushing up inflation and overpricing assets. From March to April alone, the estimated monthly payment jumped 10%. The median home price, by itself, is up only 17% over 12 months.
