Monthly Mortgage Payments Hit Record $2,819 as Homebuyers Slightly Retreat, Redfin Reports

Housing costs are at an all-time high, cooling demand in some markets as economic uncertainty and elevated rates weigh on buyer confidence.

A “For Sale” sign in front of a home in San Anselmo, Calif., on March 22, 2023. Justin Sullivan/Getty Images

A growing number of prospective homebuyers are backing out of the market as monthly housing costs hit a new record, home price growth slows, and economic concerns mount, according to a new report by real estate broker Redfin.

The report, released April 17, found the median monthly mortgage payment in the United States rose to a record high of $2,819 during the four weeks ending April 13. The jump, fueled by elevated home prices and stubborn mortgage rates, is contributing to a pullback in buyer activity in many regions.