Monthly Housing Payments Hit All-Time High, Study Shows

Monthly housing payments hit an all-time high in September, a report from Redfin shows, reflecting the multi-decade high for mortgage rates and continued rise in home prices.

A person using a calculator next to a model of a home
(Image credit: Getty Images)

Monthly housing payments in September hit an all-time high, Redfin reported, reflecting the spike in mortgage rates to a more than two-decade high and continued upward push in housing prices.

Higher prices have correlated to lower sales, with pending home sales dropping 13% in the four weeks ending Sept. 17, Redfin reported. New home sales rose 3% in this same period. The total number of homes for sale is down 16% from the previous year as homeowners hold off on making sales. 

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Seychelle Thomas
Contributing Writer

Seychelle is a seasoned financial professional turned personal finance writer. She’s passionate about empowering people to make smart financial decisions by combining 10 years of finance industry experience with solid research and a wealth of knowledge. Seychelle is also a Nav-certified credit and lending expert who has explored money topics such as debt consolidation, budgeting, credit, and lending in her work for publications including GOBankingRates, LendEDU, and Credible. 

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