SEATTLE–The typical U.S. homebuyer’s monthly housing payment hit an all-time high of $2,807 during the four weeks ending March 23, up 5.3% from a year earlier, according to new data from Redfin.

Company spokesperson Ary Paglairizes noted in a statement that housing costs are soaring for two reasons.

• Sale prices keep rising; the median home-sale price is up 3% year over year
• The average weekly mortgage rate is 6.67%—more than double pandemic-era lows. “But rates have dropped from an eight-month high of 7.04% in January; monthly payments would be even higher if not for the recent decline in rates,” the company noted.

Lid on Sales? Maybe Not

Redfin said high costs are “putting a lid on home sales,” with pending home sales down 4.6% year over year. 

However, that may be changing. A s the CU Daily reports separately, some lender are reporting their strongest mortgage lending quarter ever, and Redfin said that as Spring arrives, “some house hunters are stepping off the sidelines, touring homes and applying for mortgages. 

In addition, it pointed out “Mortgage-purchase applications are at their highest level since the start of February on a seasonally adjusted basis, ShowingTime data signals that home tours are rising faster than they were last year, and Google searches of ‘homes for sale’ are at their highest level since August.”