Median Monthly Housing Payment in Biggest Decline Since Last November

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The median monthly housing payment was $2,530 during the four weeks ending Oct. 26, according to data from Redfin. That represents a 1.4% year-over-year drop and the biggest decline since November 2024.

Redfin attributed the lower payment level to declining mortgage rates, which were able push monthly payments down despite a 1.9% year-over-year increase in median home sale price, the second-biggest increase in six months.

However, Redfin also warned that yesterday’s interest rate cut by the Federal Reserve will not drive mortgage rates down further, as it is already priced into markets, while adding the current homebuying demand remains lackluster.