The median monthly mortgage payment in the United States declined to $2,631 for the four weeks ending Aug. 10, the lowest level in seven months, real estate brokerage Redfin said in an Aug. 14 statement.
The typical monthly amount is down $215 from the May peak of $2,846. Last week, payments dropped or remained flat for the 12th straight week.
The brokerage attributed improved affordability to the decline in mortgage rates to 6.53 percent as of Aug. 13, the lowest since October last year.
A buyer now has around $20,000 more purchasing power on a $3,000 monthly budget than in May, when rates peaked at 7.08 percent, it said.
Meanwhile, Chen Zhao, Redfin’s head of economics research, warned buyers about the risk of delaying securing home deals….