According to national property broker Redfin, although U.S. mortgage rates are inching down from their recent peak, U.S. housing affordability isn’t improving much. Reflecting this further, mortgage-purchase applications are sitting at their lowest level in nearly three decades signaling a drop in U.S. home buyer demand.

With the median U.S. home-sale price up 4.5% year over year during the four weeks ending September 3, 2023, and mortgage rates remaining above 7%, the typical monthly mortgage payment is $2,612, just $18 shy of the all-time high set in May. High housing costs are dampening home buying demand, with mortgage-purchase applications falling to a 28-year low.

Prices are rising due to a supply shortage: The total number of homes on the market is down 18% year over year, the biggest decline since February 2022. New listings are down 9% as many homeowners refuse to part with relatively low mortgage rates. But there are still more buyers than sellers in much of the country.

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