House Hunters Are Back as Mortgage Payments Decline First Time in 4 Years

Residential property buyers are reentering the market, encouraged by the recent decline in mortgage payments and rates, according to real estate brokerage firm Redfin. “The median U.S. monthly mortgage payment was $2,587 during the four weeks ending Aug. 18, its lowest level since February and down 0.1 percent from a year earlier,” an Aug. 18 press release stated. This is the first time in four years that monthly housing payments posted “any decline at all.” Redfin attributed this fall to declining mortgage rates that have dropped to 6.5 percent—the lowest level in 15 months. Since the beginning of August, rates have been holding steady at this level, attracting buyers to the market, the report said....