CBS News
How much would the monthly payment be on the average American home?
Homeownership isn’t just an exciting concept, it’s also a major step toward a financially stable lifestyle. After all, when you own your home, you don’t have to worry about rising rent prices. And, as the value of your home grows, and you make your mortgage payments, you’ll build equity.
Then again, buying a home is a big decision. And, it’s important that you can confidently make your monthly mortgage payments. If not, you could lose your home and the financial stability it represents.
As of March 2024, the average American home price was $393,500. And today’s average 30-year mortgage rate is 7.32%. But what does that mean in terms of monthly mortgage payments? How much would you need to pay per month if you purchased the average American home at today’s mortgage rates? That’s what we will calculate below.
Find out how affordable your mortgage could be now.
How much would the monthly payment be on the average American home?
There are several variables that play a role in your monthly mortgage payments. For example, the amount of money you borrow, your interest rate and your mortgage term are all factors that have an impact on the total amount of money you’ll pay monthly. Here’s how much you would have to pay per month for the average American home based on the term of the mortgage you choose and the down payment you make:
- 30-year mortgage with 20% down: If you put 20% down on a $393,500 home ($78,700), you mortgage amount would be $314,800. At the average 30-year mortgage rate of 7.32%, your monthly mortgage payments would be $2,162.46.
- 30-year mortgage with $0 down: If you financed the entire cost of a $393,500 home with a 30-year mortgage at 7.32%, your monthly mortgage payments would be $2,703.07.
- 15-year mortgage with 20% down: The average 15-year mortgage rate is currently 6.75%. If you put 20% down and financed the remaining $314,800 of your purchase with a 15-year mortgage at 6.75%, your monthly payments would be $2,785.69.
- 15-year mortgage with 0% down: If you financed the entire cost of a $393,500 home with a 15-year mortgage at 6.75%, your monthly payments would be $3,482.12.
Don’t wait for mortgage rates and monthly payments to rise. Lock in today’s mortgage rates now.
Why you should lock in your mortgage rate now
Debating whether to lock in your mortgage rate now or wait? Here’s why you may want to lock it in now:
- Persistent inflation continues: The most effective way the Federal Reserve can combat inflation is by increasing its federal funds rate (the benchmark rate for consumer interest rates). And, since inflation has run hot thus far in 2024, higher rates could be ahead. By locking in your mortgage rate now, you can avoid any potential rate hikes in the future.
- A better deal may be available: As buyers sit on the sidelines waiting for rates to fall, you may have less competition to contend with. As a result, sellers may be more open to negotiations – which means you could get a better deal on the price of your home if you buy now than you would if you wait.
- You’re not building equity if you don’t own your home: If you’re renting a home or apartment while you wait to buy one of your own, you’re not building any equity. You’re simply paying to occupy space. But, when you buy your home, you’ll start building equity – a meaningful step toward long-term financial stability.
Take advantage of the benefits of homeownership today.
The bottom line
The average American home loan will cost anywhere from $2,162.46 to $3,482.12 per month, depending on the term of your mortgage and the down payment you make. Of course, that’s assuming that your mortgage comes with today’s average mortgage rate.
Nonetheless, it’s a wise idea to purchase your home now. If inflation continues, mortgage rates could go up – increasing the monthly cost of the average American home. Moreover, with some buyers waiting for lower mortgage rates before they enter the market, you may have less competition to contend with, which could mean you’ll save money on the price of your home. Not to mention, until you own your home, your monthly payments do nothing in terms of building equity.
Compare your mortgage options now to take advantage of the benefits of buying a home today.
CBS News
News details emerge about Utah mother, 3 young children killed at their home
A Utah mother who police believe was shot and killed by her husband along with three of their children was a refugee who fled violence in Myanmar and dreamed of thriving with her family in the U.S., relatives said Thursday.
Police believe the husband killed his family before shooting himself, and a teenage son was badly wounded.
The bodies of Bu Meh, 38, along with her daughters Kristina Ree, 8, and Nyay Meh, 2, and son Boe Reh, 11, were found in their home in West Valley City, a Salt Lake City suburb, on Tuesday. A handgun was found under the father Dae Reh, 42, leading police to believe this was a murder-suicide, but no evidence of a motive has been released.
One child, 17-year-old Sha Reh, survived being shot in the head and is hospitalized with a severe brain injury, police said.
Bu Meh, a member of Myanmar’s Karenni ethnic minority, fled what her relatives described as ethnic cleansing in the Southeast Asian nation about 10 years ago. She and her small family lived for a time in a refugee camp in Thailand, then came to the United States “with little more than the clothing on their backs,” the family said in a statement.
She taught herself English, learned new skills and worked hard to support her growing family, achieving a way of life “far beyond the nightmare of her former country or the refugee camp,” the family said.
“For reasons that we cannot comprehend, her husband robbed her and their children of that security and their very lives,” her family said.
Police believe the shooting happened over the weekend.
Police initially went to the home Monday night after a relative asked them to check on the family but did not find any sign of an emergency that would allow them to enter the home. The relative went to the home Tuesday, saw Sha Reh wounded in the garage and called police, who found the bodies inside the home.
In their statement, relatives called Sha Reh their hero and said he faces a “long and complex road to recovery.” An online fundraiser is collecting donations to pay for his care and to help him go to college.
“After moving into their own home and finally enjoying a level of prosperity far beyond the nightmare of their former country or the refugee camp in Thailand in which they lived for a season, and for reasons that we cannot comprehend,” the family wrote, “her husband robbed her and their children of that security and their very lives.”
Neighbors hadn’t reported any gunshots in the area over the weekend, police spokesperson Roxeanne Vainuku said at a news conference Wednesday. The family had no previous reports of domestic violence or other disturbances.
One neighbor spoke to CBS affiliate KUTV about the shock they felt.
“How can a father shoot his children?” neighbor Mike Webster told the station. “I just can’t grasp for that concept at all. I can just see that poor little two-year-old looking at her daddy.”
This Utah case is the 38th mass killing in the United States this year. At least 165 people have died this year in U.S. mass killings, which are defined by the FBI as cases in which four or more people die within a 24-hour period, not including the killer.
Mark Barden, whose child was killed in the 2012 Sandy Hook school shooting, urged Utah lawmakers to pass Red Flag laws after the incident in Utah, KUTV reported.
“When it is recognized that an individual is in crisis, measures to safely and temporarily remove firearms from their possession are proven to save lives,” Barden said.
CBS News
Two journalists killed in northern Syria
A journalists’ association says two journalists working for Kurdish media outlets were killed in northern Syria while covering fighting between Turkish-backed fighters and Syrian Kurdish militia.
The Turkey-based Dicle-Firat Journalists Association said Friday that Nazim Dastan and Cihan Bilgin were killed Thursday when their vehicle was reportedly targeted by a Turkish drone on a road near the Tishrin Dam.
Tishrin Dam, located some 56 miles east of Aleppo, has been the scene of clashes between the U.S.-backed Syrian Democratic Forces, SDF, and the Turkey-backed opposition forces.
There was no immediate comment from Turkish officials.
Bianet, a news website dedicated to human rights issues, said Bilgin was a reporter for the Kurdish Hawar News Agency, while Dastan worked as a freelance journalist for the Firat News Agency, which is associated with the militant group, the Kurdistan Workers’ Party (PKK).
Turkey considers the SDF a terrorist organization because its main component is a group aligned to the PKK.
The group has been engaged in an armed struggle against the Turkish state since the 1980s in pursuit of its objective of securing autonomy for Kurds in the country.
CBS News
Stuffing stockings with skincare? Here’s what experts say kids should (and shouldn’t) be using.
Skin care is all the rage for teens and tweens these days. But if you’re hunting for last-minute skincare stocking stuffers, be aware that experts warn some products could cause more harm than good.
Dr. Sheilagh Maguiness, a dermatologist and president of Society for Pediatric Dermatology told CBS News earlier this year it’s important to look for age-appropriate products for young skin.
“What’s not good about caring for your skin, washing your face, wanting to establish good healthy skin care habits early? That’s great,” Maguiness said. “But what’s not great is the fact that some of the products that are being marketed to tweens and teens are not necessarily good or appropriate for their skin.”
So if you’re deciding on skincare gifts, here’s what’s safe and what’s best to skip.
Safe: Cleanser and sun protection
Using a gentle cleanser once or twice a day to wash your face is a great first step for those around age 11 or 12, Maguiness said.
“Even tweens could wash their face twice a day; as young as 8, that would be just fine,” she said.
After washing your face in the morning, Maguiness suggests applying a sunscreen with SPF 30 or greater. Then in the evening, swap that out for a gentle moisturizer.
“The only preventative product that you need in an arsenal at any age is sunscreen,” she said. “It is the No. 1 thing you can do to prevent your skin from aging and to prevent, even more importantly, the risk for skin cancer down the line.”
Skip: Harsh ingredients
Some harsh ingredients for young people to avoid include alpha and beta hydroxy acids (AHA and BHA), alcohol, highly fragranced products, and retinols and retinoids, plastic surgeon Dr. Smita Ramanadham, told CBS New York earlier this year.
“The biggest category to really avoid are those anti-aging products,” she said. “Young skin just does not need it. Young skin has collagen, elastin, it is hydrated, so we don’t need to add these extra ingredients that are really going to irritate and cause inflammation.”
Maguiness said she sees young girls come into her clinic with bags of unnecessary and potentially risky products.
“They’re actually damaging their skin barrier. They’re drying themselves out. They’re getting irritant dermatitis,” she said. “They’re using products that really just aren’t appropriate for the type of skin that they have.”