{"id":84440,"date":"2026-03-19T05:00:30","date_gmt":"2026-03-19T12:00:30","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=84440"},"modified":"2026-03-25T14:41:52","modified_gmt":"2026-03-25T21:41:52","slug":"housing-market-update-mortgage-rates-rise-sales-improve","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-rise-sales-improve\/","title":{"rendered":"Mortgage Rates Jump Back Above 6% As Pending Home Sales, New Listings Post Small Improvements"},"content":{"rendered":"

A Redfin agent in Austin said the upside of higher mortgage rates is that they decrease competition, allowing house hunters to negotiate prices down and ask for concessions.\u00a0<\/span><\/i><\/p>\n

Mortgage rates are bouncing back up and home-sale prices are rising.\u00a0<\/span><\/p>\n

The weekly average mortgage rate rose to <\/span>6.11%<\/span><\/a> last week, the highest level since the start of 2026, as inflation jitters and the Iran war <\/span>rattled markets<\/span><\/a>. The <\/span>daily <\/span><\/i>average mortgage rate jumped higher, to a six-month peak of <\/span>6.41%<\/span><\/a>, on Friday, and has since dropped slightly to 6.31%. The median U.S. home-sale price was $387,000 during the four weeks ending March 15, up 1.3% year over year, the biggest increase since November.\u00a0<\/span><\/p>\n

The median monthly payment is $2,649, which is down 2.7% year over year but the highest it has been in nine months (housing payments are seasonal; they\u2019re typically highest in late spring and early summer).\u00a0<\/span><\/p>\n

Pending home sales are improving despite higher homebuying costs. <\/b>They fell just 0.2% year over year, their smallest decline in six weeks. New listings are improving, too: They\u2019re up 1.2%, the second straight week of increases after four months of declines.\u00a0 Better weather across much of the country is one reason for the small uptick in housing market activity.<\/span><\/p>\n

\u201cMy clients aren\u2019t deterred by mortgage rates anymore; rates around 6%-plus have\u00a0 been the norm for the past several years,\u201d said Barb Cooper, a Redfin Principal agent in Austin, TX. \u201cBuyers are in the driver\u2019s seat, and they can negotiate by offering less than the asking price and\/or asking for seller concessions to lower their monthly payment. The upside of higher rates is that they decrease competition, so buyers can try to get everything they want. With so many <\/span>more home sellers<\/span><\/a> than buyers in the market, buyers have a good chance of finding their perfect home in their perfect neighborhood.\u201d\u00a0<\/span><\/p>\n

Cooper noted that while interest rates aren\u2019t deterring buyers, the rising cost of homeowners\u2019 insurance and property taxes is sidelining some house hunters. She also said job security is hitting local homebuying demand, with many tech workers getting called back to California or New York.<\/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.\u00a0<\/span><\/i><\/p>\n

Leading indicators\u00a0<\/b><\/h3>\n

 <\/p>\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>\n6.31% (March 18)<\/span><\/td>\nUp from 4-year low of 5.99% three weeks earlier<\/span><\/td>\nDown from 6.8%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.11% (week ending March 12)<\/span><\/td>\nUp from 6% a week earlier<\/span><\/td>\nDown from 6.65%<\/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 March 13)<\/span><\/td>\nUp 12%<\/span><\/td>\nMortgage Bankers Association\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown about 1% from a month earlier (as of week ending March 15)<\/span><\/td>\nDown 21%<\/span><\/td>\nA measure of tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Google searches of \u201chomes for sale\u201d<\/b><\/td>\n<\/td>\nHighest level since July (as of March 16)<\/span><\/td>\nUp 15%<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 23% from the start of the year (as of March 16)<\/span><\/td>\nAt this time last year, it was up 36% from the start of 2025<\/span><\/td>\nShowingTime<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/b><\/h3>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending March 15, 2026<\/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 March 15, 2026<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$387,000<\/span><\/td>\n1.3%<\/span><\/td>\nBiggest increase since December<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$419,725<\/span><\/td>\n1.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,649 at a 6.11% mortgage rate<\/span><\/td>\n-2.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n82,178<\/span><\/td>\n-0.2%<\/span><\/td>\nSmallest decline in 6 weeks<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n95,359<\/span><\/td>\n1.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,037,679<\/span><\/td>\n-1.4%<\/span><\/td>\nBiggest decline since 2023<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.5<\/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>\n34.6%<\/span><\/td>\nEssentially unchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n60<\/span><\/td>\n+8 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n21.8%<\/span><\/td>\nDown from 24%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.2%<\/span><\/td>\nDown from 98.4%<\/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 March 15, 2026<\/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>\n\n

Notes<\/b><\/p>\n<\/th>\n<\/tr>\n

Median sale price<\/b><\/th>\nBaltimore (8.9%)<\/span><\/p>\n

San Francisco, CA (8.8%)<\/span><\/p>\n

Philadelphia (8.8%)<\/span><\/p>\n

Newark, NJ (7.4%)<\/span><\/p>\n

Warren, MI (6.6%)<\/span><\/th>\n

West Palm Beach, FL (-5.2%)<\/span><\/p>\n

Oakland, CA (-5.1%)<\/span><\/p>\n

Dallas\u00a0 (-3.7%)<\/span><\/p>\n

Boston (-2.3%)<\/span><\/p>\n

Denver (-2.2%)<\/span><\/th>\n

\n

Declined in 16 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nWest Palm Beach, FL (17.5%)<\/span><\/p>\n

Milwaukee (13.6%)<\/span><\/p>\n

Austin, TX (12.4%)<\/span><\/p>\n

Portland, OR (6.4%)<\/span><\/p>\n

Washington, D.C. (6.1%)<\/span><\/td>\n

New Brunswick, NJ (-18.9%)<\/span><\/p>\n

Nassau County, NY (-16.6%)<\/span><\/p>\n

Philadelphia (-15.3%)<\/span><\/p>\n

Providence, RI (-15.3%)<\/span><\/p>\n

Houston (-14.8%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nMilwaukee, WI (22.3%)<\/span><\/p>\n

San Jose, CA (12.6%)<\/span><\/p>\n

Seattle (8.7%)<\/span><\/p>\n

Washington, D.C. (8.1%)<\/span><\/p>\n

Virginia Beach, VA (7.8%)<\/span><\/td>\n

Providence, RI (-25%)<\/span><\/p>\n

Nassau County, NY (-20.8%)<\/span><\/p>\n

Tampa, FL (-14.1%)<\/span><\/p>\n

Riverside, CA (-13.1%)<\/span><\/p>\n

Miami (-12%)<\/span><\/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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\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

A Redfin agent in Austin said the upside of higher mortgage rates is that they decrease competition, allowing house hunters to negotiate prices down and ask for concessions.\u00a0 Mortgage rates are bouncing back up and home-sale prices are rising.\u00a0 The weekly average mortgage rate rose to 6.11% last week, the highest level since the start […]<\/p>\n","protected":false},"author":13153,"featured_media":84453,"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":"","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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