Daily average mortgage rates have fallen to 6.82%, marking the first time daily rates have come in below 7% since July, and housing payments are at the lowest level seen since April, according to a new report from real estate firm Redfin Corp (NASDAQ:RDFN).
Per the report, the daily average 30-year fixed mortgage rate is at its lowest level since May but is up from 6.39% from this time last year.
Redfin noted that rates fell following the Federal Reserve’s December 13 meeting, where policymakers indicated that the lowering of interest rates may occur sooner than expected.
The firm’s report also showed that the median U.S. housing payment is $2,503 as of the four weeks ending December 10, down $233 from October’s record high.
New listings saw their biggest uptick since July 2021, up 7.6% year over year to 57,866, which Redfin attributed in part to falling new listings at this time in 2022.
Meanwhile, mortgage purchase applications are up 19% from the three-decade low seen at the start of November.