{"id":75944,"date":"2023-03-09T11:51:03","date_gmt":"2023-03-09T19:51:03","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=75944"},"modified":"2023-03-09T11:51:03","modified_gmt":"2023-03-09T19:51:03","slug":"housing-market-update-mortgage-payment-record-high","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-payment-record-high\/","title":{"rendered":"Housing Market Update: Homebuyers\u2019 Monthly Payments Hit All-Time High As Mortgage Rates Rise"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Elevated mortgage rates, along with prices that remain high\u2013despite posting a 1% annual drop\u2013 pushed monthly housing payments to a record high of nearly $2,600. That\u2019s dampening demand and preventing many would-be sellers from listing their homes.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The typical homebuyer\u2019s monthly payment hit a new all-time high of $2,563 this week, up 29% from $1,988 a year ago. Rising mortgage rates sent monthly payments to new heights this week despite home prices dropping: The typical U.S. home-sale price fell 1% year over year during the four weeks ending March 5.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To look at the hit on homebuying affordability another way, a homebuyer on a $2,500 monthly budget can afford a $376,000 home with today\u2019s average rate. That\u2019s down from the $400,000 home a buyer on the same budget could have bought a month ago when rates dropped to 6%.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-FEIwf\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"How much home can you buy on a variety of fixed monthly payments as mortgage rates change?\" src=\"\/\/datawrapper.dwcdn.net\/FEIwf\/6\/\" height=\"600\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"])for(var e in a.data[\"datawrapper-height\"]){var t=document.getElementById(\"datawrapper-chart-\"+e)||document.querySelector(\"iframe[src*='\"+e+\"']\");t&&(t.style.height=a.data[\"datawrapper-height\"][e]+\"px\")}})}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">Spending power has declined even more dramatically when compared to a year ago, when mortgage rates were sitting at 3.85% and the typical U.S. buyer could afford a $480,000 home.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">High monthly payments are deterring would-be homebuyers and sellers who want to hang onto their relatively low rates. Pending home sales declined 16.1% year over year and were essentially flat from a week earlier, defying seasonal trends; pending sales typically increase throughout March. New listings of homes for sale dropped 21.7%, the biggest decline in two months. That\u2019s a reversal from January and early February, when the dropoff in both pending sales and new listings was easing as the housing market started to thaw. Redfin\u2019s Homebuyer Demand Index\u2013a measure of home tours and other buying services from Redfin agents\u2013is down 4% from a week ago and 27% from a year ago.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAll eyes are on inflation as it continues to have a huge impact on mortgage rates and the housing market,\u201d said Redfin Deputy Chief Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/taylormarr\/\">Taylor Marr<\/a>. \u201cThe Fed said this week that it may hike interest rates <\/span><a href=\"https:\/\/www.wsj.com\/articles\/jerome-powell-to-testify-to-congress-on-outlook-for-rates-inflation-e4e7f1e3\"><span style=\"font-weight: 400;\">more than anticipated<\/span><\/a><span style=\"font-weight: 400;\"> to combat persistent inflation. That news kept mortgage rates propped up, but next week\u2019s official February inflation reading could send them meaningfully up or down. Homebuyers and sellers are ultra-sensitive to mortgage-rate fluctuations, so rates starting to decline would likely bring some buyers and sellers back\u2013and rates rising would push more away.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some measures of homebuying demand are up from the low points they reached last fall. Redfin\u2019s Homebuyer Demand Index is up 16% from its late-October trough and pending home sales aren\u2019t declining nearly as fast as they were in November.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Leading indicators of homebuying activity:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For the week ending March 9, average 30-year fixed mortgage rates rose to <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">6.73%<\/span><\/a><span style=\"font-weight: 400;\">,\u00a0 marking the fifth straight week of increases. The daily average was <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\"><span style=\"font-weight: 400;\">7.05%<\/span><\/a><span style=\"font-weight: 400;\"> on March 8.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mortgage-purchase applications during the week ending March 3 <\/span><a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2023\/03\/08\/mortgage-applications-increase-in-latest-mba-weekly-survey\"><span style=\"font-weight: 400;\">increased 7%<\/span><\/a><span style=\"font-weight: 400;\"> from a week earlier, seasonally adjusted\u2013but mortgage activity is still quite slow; applications had dropped to a 30-year low the week before and they&#8217;re down 3.7% from the low point they hit in October. Purchase applications were down 42% from a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The seasonally adjusted Redfin Homebuyer Demand Index\u2013a measure of requests for home tours and other homebuying services from Redfin agents\u2013fell 4% from a week earlier and 2% from a month earlier during the week ending March 5. It was down 27% from a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Google searches for \u201c<\/span><a href=\"https:\/\/trends.google.com\/trends\/explore?date=today%205-y&amp;q=homes%20for%20sale#cmpt=q\"><span style=\"font-weight: 400;\">homes for sale<\/span><\/a><span style=\"font-weight: 400;\">\u201d were up about 48% from the trough they hit in December during the week ending March 4, but down about 13% from a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Touring activity as of March 4 was up about 16% from the start of the year, compared with a 23% increase at the same time last year, according to home tour technology company <\/span><a href=\"https:\/\/www.showingtime.com\/impact-of-coronavirus\/\"><span style=\"font-weight: 400;\">ShowingTime<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Key housing market takeaways for 400+ U.S. metro areas:<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Unless otherwise noted, the data in this report covers the <\/span><b>four-week period ending March 5<\/b><span style=\"font-weight: 400;\">. Redfin\u2019s weekly housing market data goes back through 2015.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Data based on homes listed and\/or sold during the period:<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median home sale price was $352,750, down 1.2% from a year earlier, the biggest decline in more than a decade. Redfin\u2019s monthly dataset, which goes back through 2012, shows that the last time home prices declined more was February 2012, when they dropped 1.5%.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Median sale prices fell in 23 of the 50 most populous U.S. metros, with the biggest drops in pandemic homebuying hotspots and northern California. San Jose, CA (-14.6% YoY) experienced the biggest decline, followed by San Francisco (-12.2%),\u00a0 Austin, TX (-12.1%),\u00a0 Oakland, CA (-10.7%) and Phoenix (-8.3%). That\u2019s the biggest sale-price drop on record for all five of those metros.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sale prices increased most in Milwaukee (10.4% YoY), West Palm Beach, FL (10.3%), Columbus, OH (8.4%), Miami (7%) and Virginia Beach, VA (6.4%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median asking price of newly listed homes was $386,262, up 1.2% year over year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The monthly mortgage payment on the median-asking-price home was $2,563 at a 6.73% mortgage rate, the current weekly average. That\u2019s an all-time high. Monthly mortgage payments are up 29% ($575) from a year ago.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales were down 16.1% year over year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pending home sales fell in all 50 of the most populous U.S. metros. They fell most in Las Vegas (-54.9% YoY), Portland, OR (-47.5%), Riverside, CA (-46.7%),\u00a0 Seattle (-45.4%) and Sacramento, CA (-44.9%).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings of homes for sale fell 21.7% year over year, the biggest decline in two months.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New listings declined in all 50 of the most populous U.S. metros, with the biggest declines in Sacramento (-45.6%), Oakland (-44.5%),\u00a0 Portland, OR (-42.3%), San Jose (-42.1%), and Seattle (-41.2%).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Active listings (the number of homes listed for sale at any point during the period) were up 18.2% from a year earlier, the smallest increase in three months.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Months of supply\u2014a measure of the balance between supply and demand, calculated by the number of months it would take for the current inventory to sell at the current sales pace\u2014was 3.2 months, down from 4.1 months a month earlier and up from 2 months a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">45% of homes that went under contract had an accepted offer within the first two weeks on the market, the highest level since June, but down from 53% a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Homes that sold were on the market for a median of 48 days. That\u2019s up from 29 days a year earlier and the record low of 18 days set in May.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">23% of homes sold above their final list price, down from 45% a year earlier.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On average, 4.8% of homes for sale each week had a price drop, up from 2% a year earlier.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, was 98.1%, the highest level in roughly three months but down from 100.9% a year earlier.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Refer to our <\/span><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\"><span style=\"font-weight: 400;\">metrics definition page<\/span><\/a><span style=\"font-weight: 400;\"> for explanations of all the metrics used in this report.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-75945 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/median-sale-price-3823.png\" alt=\"\" width=\"1075\" height=\"804\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/median-sale-price-3823.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/median-sale-price-3823-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/median-sale-price-3823-1024x766.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/median-sale-price-3823-768x574.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-75946 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/median-asking-price-3823.png\" alt=\"\" width=\"1075\" height=\"801\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/median-asking-price-3823.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/median-asking-price-3823-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/median-asking-price-3823-1024x763.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/median-asking-price-3823-768x572.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-75958 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/mortgage-payments-3923.png\" alt=\"\" width=\"1074\" height=\"801\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/mortgage-payments-3923.png 1074w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/mortgage-payments-3923-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/mortgage-payments-3923-1024x764.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/mortgage-payments-3923-768x573.png 768w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75947 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/pending-sales-3823.png\" alt=\"\" width=\"1073\" height=\"805\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/pending-sales-3823.png 1073w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/pending-sales-3823-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/pending-sales-3823-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/pending-sales-3823-768x576.png 768w\" sizes=\"(max-width: 1073px) 100vw, 1073px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75948 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/new-listings-3823.png\" alt=\"\" width=\"1075\" height=\"806\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/new-listings-3823.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/new-listings-3823-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/new-listings-3823-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/new-listings-3823-768x576.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75949 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/active-listings-3823.png\" alt=\"\" width=\"1073\" height=\"802\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/active-listings-3823.png 1073w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/active-listings-3823-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/active-listings-3823-1024x765.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/active-listings-3823-768x574.png 768w\" sizes=\"(max-width: 1073px) 100vw, 1073px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75950 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/mos-3823.png\" alt=\"\" width=\"1076\" height=\"810\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/mos-3823.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/mos-3823-300x226.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/mos-3823-1024x771.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/mos-3823-768x578.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75951 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/two-weeks-3823.png\" alt=\"\" width=\"1076\" height=\"802\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/two-weeks-3823.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/two-weeks-3823-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/two-weeks-3823-1024x763.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/two-weeks-3823-768x572.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75952 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/dom-3623.png\" alt=\"\" width=\"1075\" height=\"806\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/dom-3623.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/dom-3623-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/dom-3623-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/dom-3623-768x576.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75953 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/sold-above-list-3823.png\" alt=\"\" width=\"1077\" height=\"805\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/sold-above-list-3823.png 1077w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/sold-above-list-3823-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/sold-above-list-3823-1024x765.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/sold-above-list-3823-768x574.png 768w\" sizes=\"(max-width: 1077px) 100vw, 1077px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75954 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/price-drops-3623.png\" alt=\"\" width=\"1076\" height=\"805\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/price-drops-3623.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/price-drops-3623-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/price-drops-3623-1024x766.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/price-drops-3623-768x575.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75955 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/sale-to-list-3823.png\" alt=\"\" width=\"1080\" height=\"805\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/sale-to-list-3823.png 1080w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/sale-to-list-3823-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/sale-to-list-3823-1024x763.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/sale-to-list-3823-768x572.png 768w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75956 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/demand-index-3823.png\" alt=\"\" width=\"1071\" height=\"801\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/demand-index-3823.png 1071w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/demand-index-3823-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/demand-index-3823-1024x766.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/demand-index-3823-768x574.png 768w\" sizes=\"(max-width: 1071px) 100vw, 1071px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elevated mortgage rates, along with prices that remain high\u2013despite posting a 1% annual drop\u2013 pushed monthly housing payments to a record high of nearly $2,600. That\u2019s dampening demand and preventing many would-be sellers from listing their homes.\u00a0 The typical homebuyer\u2019s monthly payment hit a new all-time high of $2,563 this week, up 29% from $1,988 [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":75957,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,615],"tags":[36,20],"coauthors":[124],"class_list":["post-75944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-economics","tag-housing-affordability"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Market Update: Homebuyers\u2019 Monthly Payments Hit All-Time High As Mortgage Rates Rise<\/title>\n<meta name=\"description\" content=\"Elevated mortgage rates, along with prices that remain high\u2013despite posting a 1% annual drop\u2013 pushed monthly housing payments to a record high of nearly $2,600. 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