Redfin: Median Mortgage Payments Decrease

The median mortgage payment decreased by $372 per month, according to Redfin. The median was $2,361 during the four weeks ending Dec. 31.

Even though mortgage applications dropped 9.4% this week, according to the Mortgage Banker's Association, Redfin said early-stage homebuying demand is starting to pick up. 

Redfin’s Homebuyer Demand Index, a seasonally adjusted measure of requests for tours and other homebuying services, is up 10% from a month ago to its highest since August. Pending sales are down just 3% annually, the smallest decline in two years.

“There have been more tours and more offers on my listings since mortgage rates started declining,” said Las Vegas Redfin Premier agent Shay Stein. “It’s all about perspective: Two years ago, buyers would have cried about a 6% mortgage rate. Now, they’re happy they’ve dropped down to the mid-6’s.”