US Median Monthly Housing Payment Reaches All-Time High

On Thursday, Redfin reported that the median monthly US housing payment hit an all-time high of $2,747 during the four-week period ending April 7th. This is up 11% from one year ago.

According to Redfin, housing payments are climbing because home prices and mortgage rates are high. The median home-sale price was $378,250, up 4.5% year-over-year and approximately $5,000 below the record hit in June 2022. The average 20-year fixed mortgage rate is 6.82%—below the near 8% rates hit in October 2023 but still more than double pandemic-era lows.

Commenting on the report, Redfin Economic Research Lead Chen Zhao said:

“For homebuyers, the latest CPI report means mortgage rates will stay higher for longer because it makes the Fed unlikely to cut interest rates in the next few months. Housing costs are likely to continue going up for the near future, but persistently high mortgage rates and rising supply could cool home-price growth by the end of the year, taking some pressure off costs.”

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