Maryland saw its average mortgage balance increase by more than a percent in the last quarter of 2023 as compared to the three months prior, according to a recent study.
That 1.23% increase brings Maryland’s average mortgage balance to just over $283,000, according to the study from personal finance company WalletHub.
Neighboring Virginia came in at No. 11 in terms of largest mortgage balance increase. D.C. was not analyzed as part of the study.
The study looked at all 50 states, analyzing the change in mortgage debt between the third quarter and the fourth quarter of 2023, as well as the average mortgage balances and monthly payments from the fourth quarter of 2023.
WalletHub analyst Cassandra Happe told WTOP that Maryland’s ranking is a little concerning to see, but it “might also be a good sign that maybe there’s been an uptick in the housing market in Maryland, and it’s just the result of more people” buying homes.
Happe said that Maryland’s No. 1 status in this category could be the result of homeowners refinancing their mortgage loans, and taking out a little extra in their equity to make improvements for their homes.
It’s also possible, she said, that “consumers are turning to refinances as a way to just make ends meet with the rising costs and the increases in other kinds of debt, including credit card debt, and the really high interest rates that we’re seeing kind of across the board on lending products.”
Maryland also ranked eighth for the average price of its mortgage payments, which came in at $2,145. In Virginia, the average mortgage payment was $2,009.
“That may not seem like much of a difference on a monthly basis,” Happe said. “But over time, that does really add up to real dollars.”
WTOP’s Mike Murillo contributed to this story.
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