Over one-third of home purchases in February were made in all cash—not far from the record high. The median down payment for U.S. homebuyers was $55,640 in February. That’s up 24.1% from $44,850 a year earlier—the largest annual increase in percentage terms since April 2022. The typical homebuyer’s down payment last month was equal to […]
The Typical Homebuyer’s Down Payment Is $56,000, Up 24% From a Year Ago
Buyers must earn nearly twice as much as before the pandemic to afford the typical starter home, due to the one-two punch of high prices and mortgage rates. One sliver of hope: Affordability of starter homes is slowly improving after hitting a low point at the end of 2023. Homebuyers must earn $75,849 annually to
First-Time Buyers Must Make $76,000 to Afford the Typical U.S. Starter Home–Up 8% From a Year Ago
The latest inflation report came in hotter than expected. For homebuyers and sellers, that means mortgage rates are likely to stay elevated for now–but we still expect them to decline by the end of 2024. Inflation came in higher than expected in January, meaning mortgage rates should settle in the low 7s today. The March
January’s CPI Report Is Nail in the Coffin For March Interest-Rate Cut
The Fed essentially took a March interest-rate cut off the table, which means mortgage rates are likely to stay higher for longer. But we still expect rates to gradually decline by the end of the year, making buying a home a bit more affordable. The Fed announced they’re holding interest rates steady near a two-decade
Today’s Fed Press Conference Was Disappointing–But Not Devastating–For the Housing Market
Consumer prices rose slightly more than expected to close 2023, but the news shouldn’t move mortgage rates much or impact the overall housing market. The December CPI report is unlikely to have much of an impact on financial markets or mortgage rates. Consumer prices rose slightly more than expected in December, but not enough to
December’s Inflation Report Unlikely to Impact Mortgage Rates
A look below the surface reveals a less-hot picture of the late-2023 labor market than the hot December jobs headline suggests. The latest jobs report is unlikely to impact mortgage rates much. On the surface, the December jobs report appears to be a hot dataset that should cause interest rates to increase and make the
Latest Jobs Data Makes March Rate Cut Slightly Less Likely
The Fed’s forecast that it will cut interest rates three times in 2024, up from a previous projection of two times, is already helping with housing affordability. Daily average mortgage rates dropped to 6.82% after the Fed meeting. The Fed held interest rates steady at its December 13 meeting, as expected, though they’re still sitting
The median monthly mortgage payment has declined more than $150 from its peak to its lowest level since August. Another piece of good news for buyers: New listings are seeing their biggest year-over-year increase since summer 2021. Housing payments have declined for the fifth week in a row. The typical U.S. homebuyer’s monthly mortgage payment
Serious homebuyers should be on the lookout for a good time to lock in a lower mortgage rate–and now could be that time. The October inflation report has already pushed mortgage rates down to 7.4% from nearly 7.6% the day before. Good inflation news. Headline inflation was unchanged from the month before in October. That’s
Promising Inflation Report Makes It Less Likely Buyers Will See an 8% Mortgage Rate Anytime Soon
Redfin is making it easier for buyers to discover new construction homes! This week we added more than 40,000 new construction listings to Redfin’s website and apps, allowing our customers to browse a broader range of homes for sale. Combined with new construction listings from the MLS, Redfin now offers over 200,000 new construction listings
Redfin Adds 40,000 New Listings and Fresh Features for New Construction Buyers
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