If you feel like home prices keep hitting record highs, it’s because they are. In the four weeks ending May 19, the median home price reached “a record $387,600,” according to Redfin; that’s up 4% from the prior year.
But mortgage rates are falling. The weekly average 30-year fixed rate is now 6.94%. It’s the first time it has fallen below 7% in more than a month; just a few weeks earlier, mortgage rates hit a five-month high of 7.22%. Still, the median monthly housing payment (prior to the latest Freddie Mac mortgage rate reading) is $2,854, which is about $20 “shy of April’s all-time high,” per Redfin. At least it’s not above April’s all-time high, right?
