The median U.S. monthly housing payment reached $2,647 during the four weeks ending June 14, its highest level in a year and just about $100 shy of 2023's all-time high, according to a new report from Redfin. The median sale price rose 2.3% year over year to a record $403,889, while the weekly average mortgage rate stood at 6.52%, near its highest level in 10 months. Pending home sales fell 0.6% week over week, marking the fifth straight week of declines, and new listings dropped 0.4% week over week. Redfin agents are advising sellers to price competitively as demand softens, with one agent noting that overpricing can stigmatize a listing. The report also showed that the share of home listings with price drops was 19.4%, down from about 21% a year earlier.
Rocket Companies IncRising mortgage rates and record home prices reduce affordability, pushing buyers to sidelines and lowering demand for mortgages, which is Rocket Companies' core business.