Recent data from Redfin reveals a notable shift in the real estate landscape, indicating a decline of over $100 in the median monthly mortgage payment within the last month. This coincides with a drop in mortgage rates from 8% to 7.3%. Despite the potential benefit for homebuyers, Redfin emphasizes that high mortgage rates are contributing to increased inequality between homeowners and those without homes, underscoring the broader societal impact of fluctuating mortgage trends.
"The median monthly mortgage payment has fallen more than $100 over the last month as rates dropped from 8% to 7.3%."@Redfin pic.twitter.com/8gXu5y4ORd
— Daily Chartbook (@dailychartbook) November 24, 2023
"High mortgage rates are exacerbating inequality between people who own homes and people who don't," Redfin has said.
— unusual_whales (@unusual_whales) November 23, 2023
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