Typical US Homebuyer’s Monthly Payment Hits New Record High for Second Consecutive Week

On Thursday, Redfin reported that the typical US homebuyer’s monthly payment hit a record high for the second week in a row, reaching $2,802 during the four-week period ending March 30.

Sale prices are up 3.4% year-over-year, and the weekly average mortgage rate is 6.65%, near its lowest level since December but more than double pandemic-era lows. Pending home sales are declining, as high costs are keeping a lid on sales; pending home sales fell 2.3% year-over-year.

On the positive side, Redfin reports that mortgage-purchase applications are at their highest level in over two months. Home tours are rising twice as fast this year than they were at this time last year (though that’s partly because Easter fell in last year’s comparable period). Finally, Google searches of “homes for sale” are up to their highest level since August 2024. Redfin agents report many prospective buyers have made peace with elevated rates and prices, and those who can afford to buy are moving forward before costs increase more.

Redfin also reports that new listings of homes for sale rose 12.7% year-over-year during the four-weeks period ending March 30, the biggest increase in 11 months. That’s partly because some sellers are hoping to cash in on high prices and some are noticing increased interest from house hunters (with the same Easter caveat).