Redfin Reports Mortgage Rates Dip Below 7% For First Time in 5 Weeks, Giving Buyers Some Much-Needed Relief
Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week’s softer-than-expected inflation report sent mortgage rates down, which could bring back some homebuyers and sellers.
Inventory is losing momentum, too, as would-be sellers stay put to hang onto their low mortgage rate. New listings rose 10% year over year, but they were essentially flat from a week earlier, which is significant because listings typically increase this time of year.
The housing market slumped because of sky-high housing costs. The median
“High prices and rates are challenging, but there are ways for buyers to take advantage of the somewhat slow market,” said
For Redfin economists’ takes on the housing market, including more on how current financial events are impacting mortgage rates, please visit Redfin’s “ From Our Economists ” page.
Leading indicators
Indicators of homebuying demand and activity |
||||
|
Value (if applicable) |
Recent change |
Year-over-year change |
Source |
Daily average 30-year fixed mortgage rate |
6.99% ( |
Down from a 5-month high of 7.52% three weeks earlier |
Up from 6.55% |
|
Weekly average 30-year fixed mortgage rate |
7.09% (week ending |
Down from 5-month high of 7.22% a week earlier |
Up from 6.35% |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
|
Declined 2% from a week earlier (as of week ending |
Down 14% |
|
Redfin Homebuyer Demand Index (seasonally adjusted) |
|
Lowest level in 2 months (as of week ending |
Down 13% |
Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents |
Touring activity |
|
Up 5% from the start of the year (as of |
At this time last year, it was up 21% from the start of 2023 |
ShowingTime, a home touring technology company |
Google searches for “home for sale” |
|
Down 8% from a month earlier (as of |
Down 15% |
Google Trends |
Key housing-market data
Redfin’s national metrics include data from 400+ |
|||
|
Four weeks ending |
Year-over-year change |
Notes |
Median sale price |
|
4.7% |
All-time high |
Median asking price |
|
6.6% |
All-time high |
Median monthly mortgage payment |
|
12.7% |
Just |
Pending sales |
90,457 |
-4.3% |
Biggest decline since 4 weeks ending |
New listings |
102,269 |
10% |
|
Active listings |
890,224 |
14.2% |
|
Months of supply |
3.2 |
+0.5 pts. |
4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions |
Share of homes off market in two weeks |
45.2% |
Down from 49% |
|
Median days on market |
33 |
+2 days |
|
Share of homes sold above list price |
30.8% |
Down from 33% |
|
Share of homes with a price drop |
6.3% |
+2 pts. |
Highest level since |
Average sale-to-list price ratio |
99.4% |
Unchanged |
|
Metro-level highlights: Four weeks ending
Redfin’s metro-level data includes the 50 most populous |
|||
|
Metros with biggest year-over-year increases |
Metros with biggest year-over-year decreases |
Notes |
Median sale price |
|
|
Declined in just 1 metro |
Pending sales |
|
|
Increased in 15 metros |
New listings |
|
|
Declined in 6 metros |
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-mortgage-rates-dip-sales-decline
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
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For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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Source: Redfin