Redfin Report: Monthly Mortgage Payments Fall; New Listings Post Biggest Annual Uptick in Over 2 Years

The median monthly mortgage payment has declined more than $150 from its peak to its lowest level in three months. Another piece of good news for buyers: New listings are seeing their biggest year-over-year increase since summer 2021.

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) —Housing payments have declined for the fifth week in a row, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The typical U.S. homebuyer’s monthly mortgage payment was $2,575 during the four weeks ending November 26, down $164 from a peak of $2,739 last month but up 13% year over year.

Monthly payments are falling from their peak because mortgage rates are falling from their peak. The weekly average 30-year mortgage rate is 7.29%, down from a high of 7.79% in October, and the daily average is 7.13% as of November 29, its lowest level since the start of September. Rates have declined enough to offset rising home prices; the median sale price is up 4%. Prices are up because inventory is low; the total number of homes for sale is down 7% year over year. But there is hope for buyers wanting more homes to choose from: New listings are up 6%, the biggest year-over-year uptick in over two years. Buyers are taking note of slightly improved conditions: Mortgage-purchase applications are up 5% week over week.

"Mortgage rates are dropping due to easing inflation and investors betting the Fed will cut interest rates sooner than expected," said Redfin Economics Research Lead Chen Zhao. "Declining rates, along with a sizable year-over-year increase in new listings, are leading to more favorable conditions for some buyers. My advice for serious homebuyers is to compare housing costs to recent highs instead of long-ago lows. Housing costs are at their lowest level in three months, and it's unlikely they will drop significantly anytime soon. That makes it a relatively good time to lock in a rate."

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To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-monthly-payments-mortgage-rates-down

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231130896080/en/

Redfin Journalist Services:
Kenneth Applewhaite, 206-588-6863
press@redfin.com

Source: Redfin

Released November 30, 2023