US Mortgage Payments in December Fall 14% From October’s Record High

Redfin reported on Thursday (1-4-24) that the median US mortgage payment was $2,361 during the four-week period ending on December 31st. That is a savings of $372, or 14% lower, compared to October’s all-time high, putting mortgage payments at their lowest level in nearly a year.

Redfin reported that early-stage homebuying demand is also starting to pick up as buyers take advantage of lower rates and more homes to choose from. New home listings are up 10% year-over-year. Redfin’s Homebuyer Demand Index—a seasonally adjusted measure of requests for tours and other homebuying services from Redfin agents—is up 10% from a month ago to its highest level since August. Pending sales are down just 3% annually, the smallest decline in two years.