US Housing Payments See Biggest Decline in 4 Years: Report

Even as prices fall, a persistent supply constraint is making buyers hesitant to dive in and take advantage of lowered rates.

A sign outside a home offers it for rent or sale, in Washington on July 7, 2022. Sarah Silbiger/Reuters

Mortgage rates fell to their lowest level in two years amid the much-anticipated cut in Fed interest rates last week, leading to a marked decline in housing payments.

“The median U.S. housing payment was $2,534 during the four weeks ending September 15, down 2.7 percent from a year earlier—the biggest decline since May 2020,” a Sept. 19 report from Redfin real estate brokerage reads.