Tag Archives: Monthly mortgage payment

While about a third of Americans believe they’ll never be able to afford their dream home, a new survey from Bankrate revealed that almost 50% of respondents suggest that now isn't the best time to buy a home based on current market conditions. Click through to explore the latest on homebuyer sentiment.

According to a new report from Redfin, near-7% mortgage rates continue to prevent both would-be homebuyers and potential home sellers from entering the market, despite the construction of new single-family homes nearing their highest level in almost 20 years.

Monthly housing payments have reached a record-high of $2,614, as mortgage rates climbed to 7.12%, pricing out many homebuyers with tight budgets, according to Redfin.

Due to persistently high home prices, new homebuyers may shell out costly amounts for their mortgage payments, as a new study from LendingTree reveals that the average nationwide payment on a new mortgage has reached $2,317 a month.

The share of U.S. homes worth at least $1 million slipped to 7% from 8.6% in June, according to a new report from Redfin, as inflated mortgage rates continue to cool the housing market.

“Prices falling from a year ago is a milestone because it hasn’t happened since the housing market was recovering from the 2008 subprime mortgage crisis. But it’s not surprising and in many ways, it’s welcome,” said Redfin Deputy Chief Economist Taylor Marr.

The MBA reports that the national median mortgage payment applied for by purchase applicants increased 2.3% in December 2022, going from $1,920 to $1,964.

“A slowdown in home prices is underway and welcomed, particularly as the typical home price has risen 42% in the past three years,” National Association of Realtors Chief Economist Lawrence Yun said.

The supply of homes for sale posted a record year-over-year increase in December, according to new data from Redfin's Homebuyer Demand Index, which showed an increasing rise in demand despite many homes lingering on the market due to rising mortgage rates.

“The historic drop in mortgage rates is a tick in the ‘good news’ box for the housing market, as lower rates deliver an immediate win for prospective buyers’ pocketbooks,” said Taylor Marr, Redfin’s Deputy Chief Economist.