{"id":77211,"date":"2023-12-14T05:00:18","date_gmt":"2023-12-14T13:00:18","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77211"},"modified":"2023-12-14T17:05:39","modified_gmt":"2023-12-15T01:05:39","slug":"housing-market-update-mortgage-rates-fall-below-7","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-fall-below-7\/","title":{"rendered":"Housing Market Update: Mortgage Rates and Housing Payments Drop to Lowest Level Since Spring"},"content":{"rendered":"

This week has brought a few pieces of good news to the housing market: Mortgage rates are dropping, new listings are rising and mortgage-purchase applications are up nearly 20% from their November low point.\u00a0<\/span><\/i><\/p>\n

Daily average mortgage rates have fallen to <\/span>6.82%<\/span><\/a>, their lowest level since May. This marks the first time daily rates have dipped below 7% since July. Rates dropped after the Fed brought <\/span>good news<\/span><\/a> to homebuyers at its December 13 meeting, indicating they\u2019re on a path toward lowering interest rates more and sooner than expected. That\u2019s another <\/span>piece of evidence<\/span><\/a> that mortgage rates are likely to drop into the mid-6% range in 2024, consistent with <\/span>Redfin\u2019s housing-market predictions<\/span><\/a>.\u00a0<\/span><\/p>\n

Mortgage payments are at their lowest level in eight months. <\/b>Even before the Fed meeting, mortgage rates had declined substantially from their peak, bringing homebuyers some relief. The median U.S. housing payment is $2,503 as of the four weeks ending December 10, down $233 from October\u2019s record high and its lowest level since April.\u00a0<\/span><\/p>\n

Declining costs are bringing homebuyers off the sidelines. <\/b>Mortgage-purchase applications are up 19% from the three-decade low they dropped to at the start of November. And <\/span>Redfin\u2019s Homebuyer Demand Index\u2013measure of requests for tours and other homebuying services from Redfin agents\u2013is up 3% from a month ago.\u00a0<\/span><\/p>\n

Prices and new listings rise. <\/b>The median U.S. home-sale price is up 4.5% year over year, the biggest increase since October 2022. Prices are rising because demand is outpacing supply. Even though new listings are up 8% year over year\u2013the biggest increase since July 2021\u2013the total number of homes for sale is still down 5%.\u00a0<\/span><\/p>\n

Leading indicators<\/h3>\n\n\n\n\n\n\n\n\n\n\n
Indicators of homebuying demand and activity<\/b><\/td>\n<\/tr>\n
<\/td>\nValue (if applicable)<\/b><\/td>\nRecent change<\/b><\/td>\nYear-over-year change<\/b><\/td>\nSource<\/b><\/td>\n<\/tr>\n
Daily average 30-year fixed mortgage rate<\/b><\/td>\n6.82% (Dec. 13)<\/span><\/td>\nLowest level since May<\/span><\/td>\nUp from 6.39%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n7.03% (week ending Dec. 7)<\/span><\/td>\nSixth straight weekly decline. Down from two-decade high of 7.79% seven weeks earlier<\/span><\/td>\nUp from 6.33%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 4% from a week earlier (as of week ending Dec. 8)<\/span><\/td>\nDown 18%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 3% from a month earlier (as of the week ending Dec. 10)\u00a0<\/span><\/td>\nDown 7%<\/span><\/td>\nRedfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Google searches for \u201chome for sale\u201d<\/b><\/td>\n<\/td>\nDown 9% from a month earlier (as of Dec. 9)<\/span><\/td>\nEssentially unchanged<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nDown 36% from the start of the year (as of Dec. 12)<\/span><\/td>\nAt this time last year, it was down 43% from the start of 2022<\/span><\/td>\nShowingTime<\/span><\/a>, a home touring technology company<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending December 10, 2023<\/b><\/p>\n

Redfin\u2019s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and\/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.\u00a0<\/span><\/i><\/td>\n<\/tr>\n

<\/td>\nFour weeks ending December 10, 2023<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$364,535<\/span><\/td>\n4.5%<\/span><\/td>\nBiggest increase since Oct. 2022. Prices are up partly because rapidly rising mortgage rates were hampering prices during this time last year<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$368,247<\/span><\/td>\n5.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,503 at a 7.03% mortgage rate<\/span><\/td>\n12%<\/span><\/td>\nDown $233 (-9%) from all-time high set during the four weeks ending Oct. 22. Lowest level since April. .\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n58,532<\/span><\/td>\n-7.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n57,866<\/span><\/td>\n7.6%<\/span><\/td>\nBiggest uptick since July 2021. The increase is partly because new listings were falling at this time last\u00a0 year.\u00a0<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n844,170<\/span><\/td>\n-5.4%<\/span><\/td>\nSmallest decline since June.\u00a0\u00a0<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4 months<\/span><\/td>\n+0.2 pts.\u00a0<\/span><\/td>\n4 to 5 <\/span>months of supply<\/span><\/a> is considered balanced, with a lower number indicating seller\u2019s market conditions.\u00a0<\/span><\/td>\n<\/tr>\n
Share of homes off market in two weeks\u00a0<\/b><\/td>\n29.7%<\/span><\/td>\nUp from 28%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n36<\/span><\/td>\n-3\u00a0 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n26.2%<\/span><\/td>\nUp from 24%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n5.3%<\/span><\/td>\n+0.4 pts.<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.7%<\/span><\/td>\n+0.5 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n\n\n\n\n\n\n\n
Metro-level highlights: Four weeks ending December 10, 2023<\/b><\/p>\n

Redfin\u2019s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.\u00a0<\/span><\/i><\/td>\n<\/tr>\n

<\/td>\nMetros with biggest year-over-year increases<\/b><\/td>\nMetros with biggest year-over-year decreases<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\nAnaheim, CA (19.2%)<\/span><\/p>\n

Fort Lauderdale, FL (14.9%)<\/span><\/p>\n

Newark, NJ (14.6%)<\/span><\/p>\n

New Brunswick, NJ (11.5%)<\/span><\/p>\n

Miami (11.2%)<\/span><\/td>\n

Austin, TX (-5.3%)<\/span><\/p>\n

San Antonio, TX (-3.3%)<\/span><\/p>\n

Houston (-1.7%)<\/span><\/td>\n

Declined in 3 metros\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\nMilwaukee (3.3%)<\/span><\/p>\n

Fort Worth, TX (1%)<\/span><\/p>\n

Chicago (0.3%)<\/span><\/td>\n

Cincinnati, OH (-22.2%)<\/span><\/p>\n

Providence, RI (-15%)<\/span><\/p>\n

New York (-13.8%)<\/span><\/p>\n

Sacramento, CA (-13.6%)<\/span><\/p>\n

New Brunswick, NJ (-13.5%)<\/span><\/td>\n

Increased in 3 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nPhoenix (24.4%)<\/span><\/p>\n

Orlando, FL (21.1%)<\/span><\/p>\n

Miami (18.6%)<\/span><\/p>\n

Fort Worth, TX (13.6%)<\/span><\/p>\n

Las Vegas (13.1%)<\/span><\/td>\n

San Francisco (-23.7%)<\/span><\/p>\n

Atlanta (-14.5%)<\/span><\/p>\n

Oakland, CA (-7.4%)<\/span><\/p>\n

Seattle (-5.7%)<\/span><\/p>\n

Indianapolis, IN (-4%)<\/span><\/td>\n

Declined in 15 metros<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Refer to our <\/span>metrics definition page<\/span><\/a> for explanations of all the metrics used in this report.<\/span><\/p>\n

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This week has brought a few pieces of good news to the housing market: Mortgage rates are dropping, new listings are rising and mortgage-purchase applications are up nearly 20% from their November low point.\u00a0 Daily average mortgage rates have fallen to 6.82%, their lowest level since May. This marks the first time daily rates have […]<\/p>\n","protected":false},"author":13153,"featured_media":77225,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","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":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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