In the face of spiking interest rates and historically high home prices, $3,000 monthly mortgage payments are common in today’s housing market.

According to Black Knight’s mortgage monitor report, the average principal and interest payment among borrowers purchasing a home using a 30-year fixed-rate loan hit its highest point ever in July at $2,306. That’s before taxes and insurance are factored in (an average of $550 a month). It’s up 60% over the past two years. 

“Just two years ago, only 18% of homebuyers were facing that level of payment; as of details ⇒

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