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Home prices are on the rise. And now, so are mortgage balances.

Anyone who’s been following the residential real estate market knows that home values keep climbing as limited inventory and low mortgage ratescontinue to drive buyer demand up. In July, home prices rose 19.7% from the previous year, as per the S&P CoreLogic Case-Shiller Index. And not surprisingly, borrowers are taking out higher mortgages to keep up.

Last week, the average mortgage came to $410,000, as per the Mortgage Bankers Association. That’s the highest average home loan balance since May.

If you’re attempting to buy a home today, you may be wondering whether you can afford one given how property values have soared. Here’s how to know if it’s financially feasible to buy or if you’re better off waiting for home values to come down.