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Mortgage Balances Mortgij

California, One Of The States Where Mortgages Balances Are Going Up

4 States Where Mortgage Balances Are Rising Fastest

As housing values soar into the stratosphere, mortgage balances also are growing fatter in many parts of the country, according to a new report from data analytics company FICO.

Homebuyers who have to dig deep to pay ever-climbing prices are seeing their mortgage balances balloon as a result. And that is especially true in four states and the District of Columbia.

The places that appear on this list should be no surprise, as they have seen their housing markets turn red-hot in recent years. They are:

  • District of Columbia: $467,522 average up, $23,397 from 2020
  • Hawaii: $391,924 average up, $17,884 from 2020
  • California: $387,637 average up, $14,106 from 2020
  • Washington: $300,591 average up, $20,010 from 2020
  • Colorado: $291,257 average up, $18,381 from 2020

The trend nationally is also up, albeit more modestly. The average mortgage balance in the U.S. now stands at $224,477, up $8,939 from 2020.

FICO notes that as a general rule, housing markets on the West Coast tend to have the highest average mortgage balances. For example, average total real estate balances in both the San Francisco Bay Area ($502,826) and Orange County, California, ($454,576) are more than twice the national average.

By contrast, Arkansas ($135,897), Mississippi ($130,022) and West Virginia ($123,785) have the lowest average mortgage balances. Even in these states, though, balances are rising.

One way to significantly lower your mortgage balance is to snag a great mortgage rate.

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