New Mortgage Payments Fell in December for Every Top-50 Metro—Except One
Key Takeaways
- Realtor.com reports that U.S. median home prices fell for a sixth consecutive month, with December asking prices averaging $402,502.
- Further helping home buyers, 30-year mortgage rates dipped modestly—down to a 6.78% December average vs. 6.86% in November.
- Assuming a 20% down payment, that reduced the national average mortgage payment to $2,095 in December—down $93 per month.
- But some areas saw much bigger improvements. In the San Francisco and San Jose, California, markets, median monthly payments fell more than $400, while outside the Golden State, Boston, Seattle, and Denver saw the biggest savings per month.
- Greater Minneapolis was the only top-50 metro to see its average payment rise last month, though it inched up just $2 vs. November.
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Median Home Prices and Mortgage Rates Both Dipped in December
Median home prices in America fell for a sixth consecutive month in December. According to Realtor.com's latest monthly report on the U.S. home buying market, December's median home price was $402,502. That's down $14,378 from November and is more than $42,000 lower than the June median of $445,000.
Though housing prices and elevated mortgage rates are still straining affordability for home buyers, December did provide a little relief. According to Zillow rate quotes for new purchase mortgages, the average 30-year rate across December was 6.78%. That's down slightly from November's 6.86% average rate.
What's Today's 30-Year Rate in Your State?
Every business day, we publish national rate averages for various loan types, in addition to each state's 30-year rate average. Right now, New York, Florida, Texas, California, Georgia, Massachusetts, North Carolina, Pennsylvania, and Washington have the lowest 30-year rates.
Assuming a 20% down payment, the lower mortgage rates in December resulted in a national average monthly mortgage payment (principal and interest only) that was $93 cheaper than the typical November payment.
Monthly Payments Vary Widely Across the Country
Of course, home prices and mortgage rates vary by state and market, so mortgage payments for someone in Pittsburgh will be wildly different than for someone buying in the Bay Area. Here are some key December findings from our analysis of the 50 largest metros:
- The four most expensive markets were all in California, with the San Jose area topping the list at $6,555 monthly.
- The highest-cost metro outside of California was Boston, at $4,177 per month, followed by New York at $3,828 and Seattle at $3,762.
- Pittsburgh once again earns "most affordable" honors, with the average mortgage payment at just $1,221. Greater Cleveland is close behind at $1,250.
- Among the 50 largest metro areas in the U.S., Minneapolis-St. Paul was the only place that didn't enjoy some savings, with the average monthly mortgage payment rising $2 per month in December.
To compare all 50 metropolitan areas, we've listed the median home prices, average November mortgage rate, and typical monthly payments below, organized by region.
The Northeast
| Metro Area | Median Home Price (Dec 2024) | Average 30-Year Mortgage Rate (Dec 2024) | December Monthly Payment With 20% Down | Change vs. Nov 2024 |
|---|---|---|---|---|
| Boston-Cambridge-Newton, Mass.-N.H. | $801,383 | 6.79% | $4,177 | -$129 |
| New York-Newark-Jersey City, N.Y.-N.J.-Pa. | $749,000 | 6.60% | $3,828 | -$21 |
| Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. | $572,500 | 6.85% | $3,002 | -$92 |
| Providence-Warwick, R.I.-Mass. | $524,950 | 6.79% | $2,736 | -$99 |
| Hartford-East Hartford-Middletown, Conn. | $399,900 | 6.80% | $2,086 | -$14 |
| Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | $358,075 | 6.76% | $1,860 | -$93 |
| Baltimore-Columbia-Towson, Md. | $350,000 | 6.81% | $1,826 | -$75 |
| Rochester, N.Y. | $257,400 | 6.60% | $1,315 | -$57 |
| Buffalo-Cheektowaga, N.Y. | $249,950 | 6.60% | $1,277 | -$5 |
| Pittsburgh, Pa. | $235,000 | 6.76% | $1,221 | -$37 |
The South
| Metro Area | Median Home Price (Dec 2024) | Average 30-Year Mortgage Rate (Dec 2024) | December Monthly Payment With 20% Down | Change vs. Nov 2024 |
|---|---|---|---|---|
| Nashville-Davidson-Murfreesboro-Franklin, Tenn. | $537,450 | 6.76% | $2,790 | -$38 |
| Miami-Fort Lauderdale-Pompano Beach, Fla. | $522,500 | 6.72% | $2,703 | -$35 |
| Austin-Round Rock-Georgetown, Texas | $498,500 | 6.74% | $2,585 | -$27 |
| Raleigh-Cary, N.C. | $444,498 | 6.76% | $2,308 | -$45 |
| Charlotte-Concord-Gastonia, N.C.-S.C. | $422,450 | 6.76% | $2,193 | -$49 |
| Dallas-Fort Worth-Arlington, Texas | $422,450 | 6.74% | $2,190 | -$45 |
| Richmond, Va. | $419,950 | 6.78% | $2,187 | -$76 |
| Orlando-Kissimmee-Sanford, Fla. | $419,950 | 6.72% | $2,173 | -$44 |
| Atlanta-Sandy Springs-Alpharetta, Ga. | $399,950 | 6.77% | $2,078 | -$44 |
| Tampa-St. Petersburg-Clearwater, Fla. | $395,000 | 6.72% | $2,044 | -$42 |
| Virginia Beach-Norfolk-Newport News, Va.-N.C. | $387,450 | 6.78% | $2,018 | -$35 |
| Jacksonville, Fla. | $384,500 | 6.72% | $1,989 | -$65 |
| Houston-The Woodlands-Sugar Land, Texas | $361,405 | 6.74% | $1,874 | -$33 |
| Memphis, Tenn.-Miss.-Ark. | $329,960 | 6.76% | $1,713 | -$36 |
| San Antonio-New Braunfels, Texas | $329,950 | 6.74% | $1,711 | -$13 |
| New Orleans-Metairie, La. | $325,000 | 6.83% | $1,701 | -$7 |
| Oklahoma City, Okla. | $309,950 | 6.83% | $1,621 | -$12 |
| Louisville/Jefferson County, Ky.-Ind. | $304,998 | 6.78% | $1,587 | -$35 |
| Birmingham-Hoover, Ala. | $289,788 | 6.79% | $1,510 | -$64 |
The Midwest
| Metro Area | Median Home Price (Dec 2024) | Average 30-Year Mortgage Rate (Dec 2024) | December Monthly Payment With 20% Down | Change vs. Nov 2024 |
|---|---|---|---|---|
| Minneapolis-St. Paul-Bloomington, Minn.-Wis. | $423,198 | 6.80% | $2,208 | +$2 |
| Kansas City, Mo.-Kan. | $369,995 | 6.79% | $1,928 | -$35 |
| Milwaukee-Waukesha, Wis. | $357,450 | 6.82% | $1,867 | -$53 |
| Columbus, Ohio | $349,450 | 6.79% | $1,820 | -$69 |
| Chicago-Naperville-Elgin, Ill.-Ind.-Wis. | $347,450 | 6.80% | $1,813 | -$78 |
| Cincinnati, Ohio-Ky.-Ind. | $319,050 | 6.79% | $1,662 | -$17 |
| Indianapolis-Carmel-Anderson, Ind. | $309,900 | 6.80% | $1,616 | -$41 |
| St. Louis, Mo.-Ill. | $277,450 | 6.79% | $1,446 | -$81 |
| Detroit-Warren-Dearborn, Mich. | $249,900 | 6.79% | $1,302 | -$63 |
| Cleveland-Elyria, Ohio | $239,950 | 6.79% | $1,250 | -$62 |
The West
| Metro Area | Median Home Price (Dec 2024) | Average 30-Year Mortgage Rate (Dec 2024) | December Monthly Payment With 20% Down | Change vs. Nov 2024 |
|---|---|---|---|---|
| San Jose-Sunnyvale-Santa Clara, Calif. | $1,268,500 | 6.71% | $6,555 | -$463 |
| Los Angeles-Long Beach-Anaheim, Calif. | $1,094,000 | 6.71% | $5,653 | -$221 |
| San Diego-Chula Vista-Carlsbad, Calif. | $964,725 | 6.71% | $4,985 | -$57 |
| San Francisco-Oakland-Berkeley, Calif. | $889,500 | 6.71% | $4,597 | -$443 |
| Seattle-Tacoma-Bellevue, Wash. | $724,475 | 6.76% | $3,762 | -$111 |
| Sacramento-Roseville-Folsom, Calif. | $615,000 | 6.71% | $3,178 | -$19 |
| Portland-Vancouver-Hillsboro, Ore.-Wash. | $597,000 | 6.77% | $3,103 | -$42 |
| Riverside-San Bernardino-Ontario, Calif. | $597,000 | 6.71% | $3,085 | -$29 |
| Denver-Aurora-Lakewood, Colo. | $577,350 | 6.77% | $3,002 | -$108 |
| Phoenix-Mesa-Chandler, Ariz. | $499,995 | 6.79% | $2,605 | -$98 |
| Las Vegas-Henderson-Paradise, Nev. | $468,450 | 6.82% | $2,447 | -$28 |
How We Track Mortgage Rates
The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680–739 range. The resulting rates represent what borrowers should expect when receiving quotes from lenders based on their qualifications, which may vary from advertised teaser rates. © Zillow, Inc., 2024. Use is subject to the Zillow Terms of Use.
Realtor.com. "December 2024 Monthly Housing Market Trends Report."
Realtor.com. "June 2024 Monthly Housing Market Trends Report."
Rate averages are provided via the Zillow Mortgage API, assuming a down payment of at least 20% and an applicant credit score in the 680–739 range.
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