Homeowners are spending a growing share of their mortgage payments on property insurance, which is now rising faster than principal, interest and taxes, according to the September ICE Mortgage Monitor.

Data shows that annual property insurance payments for single-family mortgage holders now average nearly $2,370.

That amounts to 9.6% of monthly mortgage-related expenses, the highest share on record.

“Property insurance costs continue to be the fastest growing subcomponent of mortgage payments among existing homeowners,” said Andy Walden, head of mortgage and housing market research at ICE Mortgage Technology. “While mortgage principal, interest and property tax payments have all increased details ⇒

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