Monthly mortgage payments fell year over year in 12 of the 50 most populous U.S. metro areas in March, with most of the declines occurring in Texas or Florida, real estate brokerage Redfin said in an April 30 statement.
The decline in mortgage payments in the 12 metro areas was mainly because “mortgage rates declined and local home-sale prices either declined or stayed flat,” the brokerage said.
The average 30-year fixed-rate mortgage was at 6.65 percent in March, down from 6.82 percent a year ago. As for sales price, the median price fell or remained flat in nine out of the 12 metros.
“Prices came down in those places because demand has slowed,” Redfin said….