• Sign Up
  • Log In
Team Price Real Estate
(512) 213-0213realestate@teamprice.com
  • Search
    • Search Properties
    • Featured Properties
    • Explore Local Guide
    • Browse Properties by Area
    • Browse Properties by City
    • Browse Properties by Zip
    • Browse Properties by Subdivision
    • Browse Properties by School District
  • Buying
    • Home Buyer's Guide
    • Real Estate Forms
    • Mortgage Calculator
    • First Time Home Buying
    • Assuming a FHA home loan
    • Assuming a VA Home Loan
  • Selling
    • Home Seller's Guide
    • Marketing Plan
    • Home Valuation
  • Market Update
  • Insight & Statistics
  • Articles
  • About
    • Agents
    • Testimonials
    • Monday Touch Point
    • About Us
    • Our Guarantee
    • Join Our Team
    • Code Of Ethics
    • EULA
    • Glossary
  • Contact
  • (512) 213-0213
  • realestate@teamprice.com
    Copy Email
  • Team Price Real Estate
    7320 N Mo-Pac
    Austin, TX 78731
    (512) 213-0213
    dan@teamprice.com

Search

  • Search Properties
  • By City
  • By Subdivision
  • By Zip

Explore

  • Featured Properties
  • Property Search
  • Areas

About

  • Home
  • About
  • Agents
  • Testimonials
  • Contact Us

Resources

  • Market Update
  • Tenant Pre-Screening
  • Real Estate Forms
  • Real Estate Glossary

Company

  • Guarantee
  • Work with Us
  • Interview Questions
  • Join Our Team
Team Price Real Estate - Footer Logo
  • Texas Real Estate Commission Information About Brokerage Services
  • Texas Real Estate Commission Consumer Protection Notice
  • Privacy
  • Terms
  • DMCA
  • Accessibility
  • Fair Housing
© 2026 Team Price Real Estate. All rights reserved.
Website built by CloseHack.
Central Texas Multiple Listing Service

Central Texas MLS | Four Rivers Association of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than Team Price Real Estate may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2022 All rights reserved.

North Texas Real Estate Information Systems

© 2023 North Texas Real Estate Information Systems, Inc. All rights reserved. Disclaimer: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Team Price Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The database information herein is provided from and copyrighted by the North Texas Real Estate Information Systems, Inc. NTREIS data may not be reproduced or redistributed and is only for people viewing this site. All information provided is deemed reliable but is not guaranteed and should be independently verified. The advertisements herein are merely indications to bid and are not offers to sell which may be accepted. All properties are subject to prior sale or withdrawal. All rights are reserved by copyright

Austin Board of Realtors

The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Based on information from the Austin Board of REALTORS®. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided "AS IS" and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.

  • MLSGrid IDX Data Notice
  • DMCA Notice
LERA MLS

Information provided Courtesy of LERA MLS - Local Expertise Regional Access. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is believed to be accurate but not guaranteed. Provided courtesy of the San Antonio Board of Realtors. Copyright 2025 LERA MLS, All Rights Reserved.

Greater McAllen Association of Realtors

IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

Understanding the Surge in Mortgage Payments: A Detailed Analysis of Recent Trends

Understanding the Surge in Mortgage Payments : April 14, 2024

Published 04/14/2024 | Posted by Dan Price

Recent data reveals a notable increase in the monthly mortgage payment, or PITI (Principal, Interest, Taxes, Insurance), influenced primarily by changes in median sold prices and mortgage rates. This article explores these changes and their implications on the housing market.


April 2024 has marked a significant rise in the median sold price of homes, which now stands at $480,000, an increase of $15,000 or 3.2% from the previous year. This rise in housing prices is a primary driver behind the upward trajectory of mortgage payments. Such increments are reflective of broader market dynamics, including supply constraints and varying demand pressures, which continue to shape the pricing landscape.



Another crucial factor contributing to the increased financial burden on homebuyers is the adjustment in mortgage rates. According to Freddie Mac, the mortgage rate for April 2024 is 6.85%, up from 6.34% in April 2023. This rise in interest rates, albeit seemingly modest, significantly impacts the total cost of financing a home. Mortgage rates are a critical component in determining the affordability of housing, as they directly affect the monthly payment amount homeowners are required to pay.



As a result of these factors, the monthly mortgage payment for a typical home, inclusive of principal, interest, taxes, and insurance (PITI), has escalated to $3,696 in April 2024. This represents a $226 increase from the $3,470 recorded in April 2023. Such a change is the largest year-over-year increase in PITI since January 2023, underscoring a trend that could affect buyer affordability and market accessibility.



This trend has broader implications for the real estate market. Increases in PITI directly influence the affordability threshold for many potential homebuyers, potentially slowing down the pace of home purchases, especially among first-time buyers. Moreover, the rise in interest rates could lead to more cautious borrowing, as prospective homeowners might anticipate further increases in rates or opt to wait for a more favorable financial landscape.


In summary, the current dynamics in the real estate market, including rising home prices and increasing interest rates, are making home purchasing more expensive. The surge in monthly mortgage payments reflects significant economic forces and underscores the need for prospective buyers to carefully evaluate their financial positions and the timing of their home purchases. As the market continues to evolve, staying informed about these trends will be crucial for anyone looking to navigate the complexities of buying a home in today's economic climate. This information is based on market analysis from April 14, 2024. For up to date information : Insight & Statistics : Affordability: Market Cycle : 30 Year Mortgage Rates

  • mortgage trends 2024
  • rising home prices
  • increased mortgage rates
  • median sold price
  • PITI increase
  • monthly mortgage payment
  • real estate market analysis
  • Freddie Mac interest rates
  • home affordability
  • buyer impact
  • 2024 housing market
  • mortgage payment calculation
  • interest rate effect
  • real estate financing
  • year-over-year PITI comparison

Related Articles

Keep reading other bits of knowledge from our team.

    Request Info

    Have a question about this article or want to learn more?