DjelicS / Getty Images
Key Takeaways
- Realtor.com reported that U.S. home prices rose in March, with an average asking price of $424,900. It’s a $12,900 increase over February’s median home price.
- Mortgage rates for 30-years have fallen in March. The average rate is now 6.73%, compared to 6.77% in the previous month.
- Assuming 20% down payment, this translates to a national mortgage payment average of $2,200 for February.
- San Jose, California, continues to be the most expensive metropolis, with an average monthly payment of $7,162. The lowest average monthly payment is in greater Pittsburgh at $1,234.
- In eleven of the fifty largest metros, the average monthly payments fell in March. You can find the averages of each market in our tables.
The full article is below these offers by our partners.
Median home prices rose while mortgage rates fell
In March, the median home price in America increased for a second month in a row. According to Realtor.com's latest monthly report on the U.S. home buying market, March's median home price was $424,900. That's up $12,900 from February. But it's still about $20,000 cheaper than the June 2024 median of $445,000.
Mortgage rates in March fell, but only slightly. According to Zillow rate quotes for new purchase mortgages, the average 30-year rate across March was 6.73%—down a mild 4 basis points from February's 6.77% average rate.
What is the current 30-Year Rate for Your State?
Every business day we publish national average rates for various loan types in addition to the 30-year rate averages of each state. Florida, Massachusetts New York, North Carolina Pennsylvania Tennessee and Texas currently have the lowest 30-year interest rates.
If you assume a 20% downpayment, the higher rates of house prices in March resulted a monthly mortgage payment that was $58 higher than the typical payment in February. The monthly increase would have been worse if mortgage rates had also risen in March.
Monthly Payments Vary widely Across The Country
Home prices and mortgage rates differ by state and market. Therefore, mortgage payments in Pittsburgh are very different from those in the Bay Area. Here are the key findings of our analysis of 50 largest metros in March:
- All four of the most expensive markets in the United States were located in California. San Jose topped the list, with a monthly average payment of $7162.
- Boston was again the most expensive metro outside California at $4,502 a month. New York was next at $4009 a month and Seattle at $3876 a monthly.
- Pittsburgh once again earns "most affordable" honors, with the average mortgage payment coming in at $1,234 in March. Greater Detroit is ranked second at $1.270.
- Miami, the largest metro area, saw the largest monthly decrease of $22 in March.
To compare all 50 metropolitan areas, we've listed the median home prices, average March mortgage rate, and typical monthly payments below, organized by region.
The Northeast
| Metro Area | Median Home Prices (Mar 2025). | Average 30-Year mortgage rate (Mar. 2025) | March Monthly Payment with 20% Down | Change vs. February 2025 |
|---|---|---|---|---|
| Boston-Cambridge-Newton, Mass.-N.H. | $869,000 | 6.73% | $4,502 | $134 |
| New York, Newark and Jersey City (N.Y.-N.J.) | $780,000 | 6.66% | $4,009 | $82 |
| Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. | $604,900 | 6.82% | $3,160 | $129 |
| Providence-Warwick, R.I.-Mass. | $549,900 | 6.78% | $2,861 | $74 |
| Hartford-West Hartford-East Hartford, Conn. | $449,900 | 6.75% | $2,335 | $77 |
| Baltimore-Columbia-Towson, Md. | $374,900 | 6.79% | $1,953 | $130 |
| Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | $359,000 | 6.70% | $1,854 | $34 |
| Buffalo-Cheektowaga, N.Y. | $260,000 | 6.66% | $1,336 | $56 |
| Pittsburgh, Pa. | $239,000 | 6.70% | $1,234 | $44 |
The South
| Metro Area | Median Home Prices (Mar 2025). | Average 30-Year mortgage rate (Mar. 2025) | March Monthly Payment with 20% Down | Change vs. February 2025 |
|---|---|---|---|---|
| Nashville-Davidson-Murfreesboro-Franklin, Tenn. | $535,000 | 6.71% | $2,766 | $13 |
| Miami-Fort Lauderdale-West Palm Beach, Fla. | $512,000 | 6.68% | $2,638 | -$22 |
| Austin-Round Rock San Marcos, Texas | $510,000 | 6.71% | $2,635 | $40 |
| Raleigh-Cary, N.C. | $445,000 | 6.71% | $2,299 | $36 |
| Richmond, Va. | $444,900 | 6.75% | $2,308 | $69 |
| Charlotte-Concord-Gastonia, N.C.-S.C. | $425,000 | 6.71% | $2,196 | $18 |
| Dallas-Fort Worth-Arlington, Texas | $423,503 | 6.71% | $2,188 | $25 |
| Orlando-Kissimmee-Sanford, Fla. | $419,800 | 6.68% | $2,163 | -$1 |
| Atlanta-Sandy Springs-Roswell, Ga. | $400,000 | 6.73% | $2,071 | -$3 |
| Virginia Beach-Chesapeake-Norfolk, Va.-N.C. | $399,966 | 6.75% | $2,075 | $29 |
| Tampa-St. Petersburg-Clearwater, Fla. | $399,900 | 6.68% | $2,060 | -$1 |
| Jacksonville, Fla. | $399,000 | 6.68% | $2,056 | $51 |
| Houston-Pasadena – The Woodlands, Texas | $365,000 | 6.71% | $1,886 | $24 |
| San Antonio-New Braunfels, Texas | $334,990 | 6.71% | $1,731 | $30 |
| Memphis, Tenn.-Miss.-Ark. | $334,000 | 6.71% | $1,727 | $21 |
| Louisville/Jefferson County, Ky.-Ind. | $320,000 | 6.72% | $1,655 | $41 |
| Oklahoma City, Okla. | $317,950 | 6.76% | $1,651 | $9 |
| Birmingham, Ala. | $285,000 | 6.74% | $1,478 | -$8 |
The Midwest
| Metro Area | Median Home Prices (Mar 2025). | Average 30-Year mortgage rate (Mar. 2025) | March Monthly Payment with 20% Down | Change vs. February 2025 |
|---|---|---|---|---|
| Minneapolis-St. Paul-Bloomington, Minn.-Wis. | $445,900 | 6.75% | $2,314 | $47 |
| Kansas City, Mo. | $395,500 | 6.75% | $2,052 | $75 |
| Grand Rapids-Wyoming-Kentwood, Mich. | $385,000 | 6.74% | $1,995 | -$7 |
| Milwaukee-Waukesha, Wis. | $375,000 | 6.76% | $1,948 | -$5 |
| Chicago-Naperville-Elgin, Ill.-Ind. | $360,000 | 6.75% | $1,868 | $49 |
| Columbus, Ohio | $360,000 | 6.74% | $1,865 | $43 |
| Cincinnati, Ohio-Ky.-Ind. | $335,000 | 6.74% | $1,736 | $42 |
| Indianapolis-Carmel-Greenwood, Ind. | $315,000 | 6.74% | $1,634 | $71 |
| St. Louis, Mo.-Ill. | $289,900 | 6.75% | $1,504 | $62 |
| Cleveland, Ohio | $249,000 | 6.74% | $1,290 | $30 |
| Detroit-Warren-Dearborn, Mich. | $245,000 | 6.74% | $1,270 | $21 |
The West
| Metro Area | Median Home Prices (Mar 2025). | Average 30-Year mortgage rate (Mar. 2025) | March Monthly Payment with 20% Down | Change vs. February 2025 |
|---|---|---|---|---|
| San Jose, Sunnyvale, and Santa Clara (Calif.) | $1,388,944 | 6.69% | $7,162 | $410 |
| Los Angeles-Long Beach-Anaheim, Calif. | $1,179,000 | 6.69% | $6,080 | $288 |
| San Diego-Chula Vista-Carlsbad, Calif. | $950,000 | 6.69% | $4,899 | -$18 |
| San Francisco-Oakland-Fremont, Calif. | $950,000 | 6.69% | $4,899 | $241 |
| Seattle-Tacoma-Bellevue, Wash. | $750,000 | 6.71% | $3,876 | $49 |
| Sacramento-Roseville-Folsom, Calif. | $625,000 | 6.69% | $3,223 | $19 |
| Riverside-San Bernardino-Ontario, Calif. | $599,999 | 6.69% | $3,094 | -$9 |
| Portland-Vancouver-Hillsboro, Ore.-Wash. | $599,900 | 6.73% | $3,105 | $49 |
| Denver-Aurora-Centennial, Colo. | $585,000 | 6.72% | $3,025 | $55 |
| Phoenix-Mesa-Chandler, Ariz. | $520,000 | 6.73% | $2,694 | $14 |
| Las Vegas-Henderson-North Las Vegas, Nev. | $469,945 | 6.76% | $2,441 | -$6 |
| Tucson, Ariz. | $399,000 | 6.73% | $2,067 | $6 |
How We Track Mortgage Interest Rates
The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680–739 range. The rates that result are what borrowers will receive when they receive quotes from lenders, based on the qualifications of the borrower. These rates can differ from advertised teaser rate. © Zillow, Inc., 2025. The Zillow Terms and Conditions of Use apply.
Article Sources Investopedia requires that writers use primary sources in order to support their work. These include whitepapers, government data and original reporting as well as interviews with industry experts. We also use original research from other reputable publications when appropriate. Our website contains more information about the standards that we use to produce accurate, unbiased content. Editorial policy
Realtor.com. "March 2025 Monthly Housing Market Trends Report."
Realtor.com. "February 2025 Monthly Housing Market Trends Report."
Realtor.com. "June 2024 Monthly Housing Market Trends Report."
Rate averages are provided via the Zillow Mortgage API, assuming a down payment of at least 20% and an applicant credit score in the 680–739 range.
