Redfin Reports Housing Payments Drop to Lowest Level in 2 Years As Mortgage Rates Decline
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
Despite lower monthly mortgage payments, a holiday hangover is muting homebuying demand SEATTLE--(BUSINESS WIRE)--The median U.S. monthly housing payment fell to $2,365 during the four weeks ending January 4, down 4.7% from a year earlier and the lowest level since the start of 2024. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.Monthly payments fell largely because the weekly average mortgage rate dropped to 6.15% last week, the lowest level in over a year and down from roughly 7% at the beginning of 2025. Rates are declining because the labor market and overall economy are showing signs of weakness. More clarity on how 2026 is shaping up will come with this Friday’s jobs report. Home prices are still rising, up 1.1% year over year, but price growth has decelerated from roughly 5% at this time last year.Lower monthly payments haven’t yet brought many homebuyers or sellers back to the market. Pending home sales are down 6.7% year over yea
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