Mortgage payments cheaper than a year ago thanks to rate decline: Redfin

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Buying a home has become more affordable compared to a year ago, according to new data from Redfin.

Redfin found the median monthly mortgage payment reached $2,558 during the last four weeks ending September. That's a 1.3% decline from last year.

A big help has been declining mortgage rates. The average rate on the 30-year fixed rate mortgage fell to 6.2% this week, according to data from Freddie Mac. Mortgage rates have fallen more than half a percentage point over the past six weeks as investors anticipate a rate cut from the Fed. They are at their lowest level since February 2023.

Still, home prices haven’t come down from their highs. The median sales price stands at $388,085, a 3.7% increase year over year, Redfin data shows. Home prices remain elevated due to lack of supply. That, plus buyer expectations that rates will move lower after the Fed eases monetary policy, is still keeping the housing market at a standstill.

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