US Existing-Home Payments Edge Higher in Late March

The median US monthly mortgage payment reached $2,742 during the week ending March 29, marking a 0.4% year-over-year increase and the first rise in nearly six months, according to Redfin.

The increase comes as mortgage rates climbed, with the weekly average reaching 6.38%, a six-month high. Daily average rates rose as high as 6.64% late in the week. Existing-home prices also contributed, rising 2.1% year-over-year over the four weeks ending March 29—the largest gain in a year.

Elevated costs and economic uncertainty tied to the Iran conflict have weighed on demand. Pending home sales fell 1.2% year-over-year, while mortgage purchase applications declined 3% week-over-week. Homes are also taking longer to sell, with the typical property spending 53 days on the market—five days longer than a year earlier.

On the supply side, new listings increased 1.7% year-over-year. Redfin reported a gap of 630,000 more sellers than buyers, the largest imbalance recorded since the dataset began in 2013.