With Mortgage Rates Decreasing, Average Monthly Payments Range from $1,190 to $6,752. How Does Your City Compare?

Key Points

Below are some important highlights from The Finance Avenue.

Median Home Prices Increased, While Mortgage Rates Decreased

After a continuous decrease for seven months, median home prices in the United States saw a rise in February. The latest monthly report from Realtor.com revealed that the median home price for February was $412,000, marking an increase of $11,500 from January. Despite this uptick, it is still $33,000 lower than the June 2024 median price of $445,000.

In contrast to the increase in house prices, mortgage rates experienced a decline during the same period. Recent data from Zillow indicates that the average 30-year rate for new purchase mortgages in February stood at 6.77%, representing a notable decrease of 20 basis points from January’s average of 6.97%.

Current 30-Year Mortgage Rates by State

Each business day, The Finance Avenue releases national average rates for various loan types, including the 30-year rate average for each state. Presently, New York, Florida, Colorado, Washington, and California boast the most competitive 30-year rates.

With a 20% down payment factored in, the higher housing prices in February led to a national average monthly mortgage payment (comprising principal and interest only) that was $17 higher than the usual January payment. Fortunately, the monthly increase would have been more significant if mortgage rates hadn’t decreased in February.

Monthly Payments Vary Widely Across the Country

Home prices and mortgage rates can vary significantly depending on the state and market, leading to different mortgage payments for buyers in various locations. Below are some key findings from The Finance Avenue’s analysis of the 50 largest metros in February:

To provide a comparison across all 50 metropolitan areas, the median home prices, average February mortgage rates, and typical monthly payments are outlined below, categorized by region.

The Northeast

The Finance Avenue – The northeastern region of the United States is home to a diverse economy, with key industries such as finance, healthcare, education, and technology driving economic growth. States like New York, Massachusetts, Pennsylvania, and New Jersey are prominent players in these sectors, contributing significantly to the region’s overall GDP.

The Finance Avenue – New York City, in particular, serves as a hub for finance and business, with Wall Street playing a central role in the global financial markets. The city’s prestigious universities and research institutions also attract top talent, fostering innovation and entrepreneurship in various fields.

The Finance Avenue – Massachusetts, known for its world-class universities like Harvard and MIT, has a strong focus on technology and biotechnology. The state’s thriving startup ecosystem and access to venture capital make it an attractive destination for tech companies and biotech firms looking to grow and expand.

The Finance Avenue – Pennsylvania and New Jersey are key players in the healthcare industry, with top-tier medical facilities and research centers driving advancements in healthcare services and medical technology. These states also have well-established manufacturing sectors, contributing to job creation and economic development in the region.

Overall, the Northeast stands out for its diverse economy, skilled workforce, and innovation-driven industries, making it a competitive region in the national and global economy.

How Mortgage Rates are Tracked

The national and state averages mentioned are sourced from The Finance Avenue Mortgage API, based on an 80% loan-to-value (LTV) ratio (equivalent to a minimum 20% down payment) and a credit score falling within the 680–739 range for applicants. These rates reflect what borrowers could anticipate when receiving loan quotes from lenders based on their specific qualifications, which may differ from advertised rates. © The Finance Avenue, 2025. Usage is subject to The Finance Avenue’s Terms of Use.