SEATTLE–The median U.S. monthly mortgage payment reached a record $2,870 last month due to continuing increases in home prices and ongoing mortgage rates, according to new data from Redfin.
Redfin’s analysis said the increased cost of paying for a home, along with economic uncertainty related to President Donald Trump’s tariffs, are keeping many would-be buyers on the sidelines during what’s supposed to be the busiest season of housing sales.
According to Redfin, the typical payment for the four weeks that ended April 25 is 2.7% more than during the same period in 2024, based on the weekly average 30-year fixed rate of 6.81% reported April 24 by the Federal Home Loan Mortgage Corporation (Freddie Mac).
Redfin’s chief economist sees little likelihood of a Fed rate cut this week and is forecasting “mortgage rates are likely to hover in the high 6’s, close to 7%” for the foreseeable future.
Biggest Monthly Decline
As the CU Daily also recently reported, the seasonally adjusted annual rate of 4.02 million existing home sales for March reported by the National Association of Realtors was the biggest monthly decline in sales in more than two years.
Redfin reported pending home sales were down 2.8% across the country in April, attributing the drop to when Easter was celebrated this year, but said even without the holiday, “pending sales would be flat from a year ago.”
