{"id":81748,"date":"2025-08-14T05:00:54","date_gmt":"2025-08-14T12:00:54","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=81748"},"modified":"2025-08-13T14:39:15","modified_gmt":"2025-08-13T21:39:15","slug":"typical-homebuyers-monthly-payment-down-from-may-peak","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/typical-homebuyers-monthly-payment-down-from-may-peak\/","title":{"rendered":"Typical Homebuyer\u2019s Monthly Payment Down More than $200 From May Peak, With September\u2019s Anticipated Interest Rate Cut Already Priced Into Mortgage Rates"},"content":{"rendered":"

The median monthly mortgage payment fell to a seven-month low of $2,631 during the four weeks ending August 10, down more than $200 from its May peak of $2,846. Last week marked the 12th consecutive week that monthly payments either dropped or stayed flat.\u00a0<\/span><\/p>\n

Monthly payments are becoming more affordable because<\/span> mortgage rates are at a 10-month low, falling to 6.53% yesterday\u2014the lowest mark since October 2024. That means that a buyer on a $3,000 monthly budget <\/span>gained roughly $20,000<\/span><\/a> in purchasing power since mortgage rates hit a recent peak of 7.08% in May.\u00a0<\/span><\/p>\n

Redfin\u2019s head of economics research <\/span>Chen Zhao<\/span><\/a> said potential homebuyers may end up being too late if they wait for the Federal Reserve to cut interest rates before starting their home search in earnest.<\/span><\/p>\n

\u201cThe mortgage rates that buyers can lock in today have already priced in the <\/span>likelihood<\/span><\/a> that the Fed will cut rates on September 17,\u201d she said. \u201cThat means that mortgage rates are unlikely to drop any further when the Fed actually makes the expected cut. And the window to snag a mortgage rate in the mid-6s may be limited: Increased rate volatility is expected in coming weeks as new <\/span>economic data<\/span><\/a> is released.\u201d<\/span><\/p>\n

Meanwhile, the median home price grew to $396,000 during the four weeks ending August 10, up 2.1% year over year\u2014the fastest growth since early April. Last week was the fifth-consecutive week that price growth gained steam after dropping to a two-year low in early July.\u00a0<\/span><\/p>\n

Prices rose a little faster even as demand remained depressed, with pending sales ticking down 0.5% from a year earlier and homes spending about a week longer on the market than they did last year.\u00a0\u00a0<\/span><\/p>\n

The total number of homes for sale rose 11.5% year over year during the four weeks ending August 10, the slowest growth since March 2024.\u00a0<\/span><\/p>\n

For Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201c<\/span><\/i>From Our Economists<\/span><\/i><\/a>\u201d page.<\/span><\/i>\u00a0<\/span><\/p>\n

Leading indicators\u00a0<\/b><\/h3>\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>\n6.53% (Aug. 13)<\/span><\/td>\n10-month low<\/span><\/td>\nUp from 6.52%<\/span><\/td>\n\n

Mortgage News Daily\u00a0<\/span><\/a><\/p>\n<\/td>\n<\/tr>\n

\n

Weekly average 30-year fixed mortgage rate<\/b><\/p>\n<\/td>\n

6.63% (week ending Aug. 7)<\/span><\/td>\nLowest rate since week ending Apr. 10)<\/span><\/td>\nUp from 6.47%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 1% from a week earlier (as of week ending Aug. 8)<\/span><\/td>\nUp 17%<\/span><\/td>\n\n

Mortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Redfin Homebuyer Demand Index<\/b><\/p>\n<\/td>\n

<\/td>\nDown 1% from a month earlier (as of week ending Aug. 10)<\/span><\/td>\nDown 4%<\/span><\/td>\nA measure of tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 28% from the start of the year (as of Aug. 2)<\/span><\/td>\nAt this time last year, it was up 13% from the start of 2024<\/span><\/td>\n\n

ShowingTime<\/span><\/a>, a home touring technology company<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/b><\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending Aug. 10, 2025<\/b><\/p>\n

Redfin\u2019s national metrics include data from 400+ U.S. metro areas, and are 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 Aug. 10, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$396,000<\/span><\/td>\n2.1%<\/span><\/td>\n\n

Roughly $2,500 shy of all-time high<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Median asking price<\/b><\/p>\n<\/td>\n

$399,675<\/span><\/td>\n2.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,631 at a 6.63% mortgage rate<\/span><\/td>\n3.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
\n

Pending sales<\/b><\/p>\n<\/td>\n

84,177<\/span><\/td>\n-0.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n92,854<\/span><\/td>\n1%<\/span><\/td>\n<\/td>\n<\/tr>\n
\n

Active listings<\/b><\/p>\n<\/td>\n

1,197,572<\/span><\/td>\n11.5%<\/span><\/td>\n\n

Smallest increase since March 2024<\/span><\/p>\n<\/td>\n<\/tr>\n

Months of supply\u00a0<\/b><\/td>\n4.2<\/span><\/td>\n+0.6 pts.\u00a0<\/span><\/td>\n\n

4 to 5 <\/span>months of supply<\/span><\/a> is considered balanced, with a lower number indicating seller\u2019s market conditions\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Share of homes off market in two weeks\u00a0<\/b><\/p>\n<\/td>\n

32.8%<\/span><\/td>\nDown from 35.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n41.25<\/span><\/td>\n\n

+6.5 days<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Share of homes sold above list price<\/b><\/p>\n<\/td>\n

26.1%<\/span><\/td>\nDown from 29.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.8%<\/span><\/td>\nDown from 99.2%<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending Aug. 10, 2025<\/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><\/p>\n<\/th>\n<\/tr>\n

<\/th>\nMetros with biggest year-over-year increases<\/b><\/th>\nMetros with biggest year-over-year decreases<\/b><\/th>\nNotes<\/b><\/th>\n<\/tr>\n
Median sale price<\/b><\/th>\nCleveland (12.7%)<\/span><\/p>\n

Detroit (10.2%)<\/span><\/p>\n

Pittsburgh (7.2%)<\/span><\/p>\n

Montgomery County, PA (6.8%)<\/span><\/p>\n

Nassau County, NY (6.4%)<\/span><\/th>\n

Oakland, CA (-2.5%)<\/span><\/p>\n

San Francisco (-2.5%)<\/span><\/p>\n

Dallas (-2.2%)<\/span><\/p>\n

Fort Worth, TX (-1.9%)<\/span><\/p>\n

Houston (-1.1%)<\/span><\/th>\n

Declined in 10 metros<\/span><\/th>\n<\/tr>\n<\/thead>\n
\n

Pending sales<\/b><\/p>\n<\/td>\n

Milwaukee (8.2%)<\/span><\/p>\n

Austin, TX (7.4%)<\/span><\/p>\n

Columbus, OH (6.7%)<\/span><\/p>\n

Pittsburgh (6.4%)<\/span><\/p>\n

Virginia Beach, VA (6.1%)<\/span><\/td>\n

Houston (-14.9%)<\/span><\/p>\n

Miami (-13.4%)<\/span><\/p>\n

Las Vegas (-12.2%)<\/span><\/p>\n

Portland, OR (-12.1%)<\/span><\/p>\n

Orlando, FL (-9.2%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nMontgomery County, PA (10.7%)<\/span><\/p>\n

Cleveland (8.1%)<\/span><\/p>\n

Washington, D.C. (7.0%)<\/span><\/p>\n

Pittsburgh (6.1%)<\/span><\/p>\n

Milwaukee (5.9%)<\/span><\/td>\n

\n

Portland, OR (-16.2%)<\/span><\/p>\n

Tampa, FL (-10.8%)<\/span><\/p>\n

Orlando, FL (-10.2%)<\/span><\/p>\n

West Palm Beach, FL (-9.1%)<\/span><\/p>\n

Sacramento, CA (-8.5%)<\/span><\/p>\n<\/td>\n

<\/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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The median monthly mortgage payment fell to a seven-month low of $2,631 during the four weeks ending August 10, down more than $200 from its May peak of $2,846. Last week marked the 12th consecutive week that monthly payments either dropped or stayed flat.\u00a0 Monthly payments are becoming more affordable because mortgage rates are at […]<\/p>\n","protected":false},"author":13568,"featured_media":76772,"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 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":[625,623,654],"dashboard":[],"coauthors":[682],"class_list":["post-81748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-housing-market-update","tag-national","tag-weekly-market-update"],"acf":[],"yoast_head":"\nTypical Homebuyer\u2019s Monthly Payment Down More than $200 From May Peak<\/title>\n<meta name=\"description\" content=\"The median monthly mortgage payment fell to a seven-month low of $2,631 during the four weeks ending August 10, down more than $200 from its May peak of $2,846. 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