US Monthly Housing Payments Hit All-Time High in March

On Thursday, Redfin reported that the typical US homebuyer’s monthly housing payment hit an all-time high of $2,807 during the four-week period ending March 23, up 5.3% from a year earlier.

Redfin said housing costs are soaring for two reasons:

• Sale prices keep rising: The median home-sale price is up 3% year-over-year.
• The average weekly mortgage rate is 6.67%—more than double pandemic-era lows. But rates have dropped from an eight-month high of 7.04% in January; monthly payments would be even higher if not for the recent decline in rates.

High costs are putting a lid on home sales, according to Redfin. Pending home sales are down 4.6% year-over-year, in line with the declines Redfin has seen over the last few months. But as spring begins, some house hunters are stepping off the sidelines, touring homes and applying for mortgages. Mortgage-purchase applications are at their highest level since the start of February on a seasonally adjusted basis, ShowingTime data signals that home tours are rising faster than they were last year, and Google searches of “homes for sale” are at their highest level since August.

In a change of pace, Redfin notes that sellers are entering the market faster than buyers. New listings of homes for sale are up 7.5% year-over-year, the biggest increase so far in 2025. If new listings continue to rise and mortgage rates continue to decline, pending sales may improve in the coming months.

According to Redfin, agents in many parts of the country say that even though costs are high, some buyers are able to negotiate in their favor.