10 US Cities Where Mortgage Payments Have Dropped the Most Since 2023

Mortgage rates are lower than they’ve been in years, thanks to recent Fed cuts. The average 30-year rate now sits at 6.27%, down from 7.19% in 2023, making homeownership more affordable in many U.S. cities.

The combination of lower rates, increased inventory, and slower price growth has helped reduce monthly mortgage payments over the past two years — and in some cities, buyers are saving thousands annually, according to a new Zoocasa study.

To find the cities where mortgage payments have dropped the most, Zoocasa analyzed average monthly mortgage payments in 100 cities, comparing September 2025 to September 2023. Calculations were based on a median-priced single-family home with 20% down, and a 30-year fixed mortgage at 6.3% and 7.19%.

Here’s a look at where buyers are saving big on mortgage payments compared to 2023.

• Average mortgage payment (2025): $2,278
• Average mortgage payment (2023): $2,848
• Difference: -$570

• Average mortgage payment (2025): $1,904
• Average mortgage payment (2023): $2,382
• Difference: -$477

• Average mortgage payment (2025): $2,289
• Average mortgage payment (2023): $2,688
• Difference: -$399

• Average mortgage payment (2025): $3,304
• Average mortgage payment (2023): $3,659
• Difference: -$355

• Average mortgage payment (2025): $2,435
• Average mortgage payment (2023): $2,692
• Difference: -$257

• Average mortgage payment (2025): $2,330
• Average mortgage payment (2023): $2,558
• Difference: -$228

• Average mortgage payment (2025): $1,895
• Average mortgage payment (2023): $2,115
• Difference: -$220

• Average mortgage payment (2025): $2,005
• Average mortgage payment (2023): $2,224
• Difference: -$218

• Average mortgage payment (2025): $1,609
• Average mortgage payment (2023): $1,822
• Difference: -$213

• Average mortgage payment (2025): $3,044
• Average mortgage payment (2023): $3,252
• Difference: -$207

Editor’s note: Data was sourced from Zoocasa and is accurate as of Sept. 30, 2025.