Homebuying Affordability Improves As Mortgage Rates Fall to Lowest Level in Over 3 Years
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
Redfin reports lower rates haven’t yet brought homebuyers off the sidelines, but hope is in the air as spring approaches SEATTLE--(BUSINESS WIRE)--The weekly average mortgage rate has dropped to 6.01%, its lowest level since September 2022. That has pushed the median U.S. monthly housing payment down to $2,599, 2.6% lower than a year ago, according to a new report from Redfin, the real estate brokerage powered by Rocket. Wages are nearly 4% higher than they were a year ago, improving affordability further.Homebuyers have gained $34,000 in purchasing power since last year, when rates were sitting around 6.9%.Falling rates may bring some house hunters out of the woodwork in the coming weeks, especially as the spring homebuying season begins. But for now, a lot of would-be buyers are staying on the sidelines. Pending home sales dropped 5.5% annually during the four weeks ending February 22, the biggest decline in over a year. Pending sales are falling in all but seven of the 50 most p
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