The median US monthly housing payment rose for the first time since October, Redfin data shows
Buyers returning to the market this summer are entering tighter affordability conditions than at any point since last fall.
The median US monthly housing payment climbed 1.4% year over year to $2,633 during the four weeks ending June 28, the first such increase since October. The median home sale price hit a record $408,838, up 2.5% annually, according to Redfin.
The weekly average 30-year fixed mortgage rate stood at 6.49% for the week ending June 25, per Freddie Mac's Primary Mortgage Market Survey (PMMS). That's up from 6.47% the prior week and 28 basis points below the 6.77% recorded a year ago.
Combined with record-level prices, that was enough to push the typical monthly payment into positive year-over-year territory for the first time in eight months.
Read more: High mortgage rates to keep US housing market subdued through 2026
A market where buyers are running out of room
Despite the pressure, near-term activity indicators held. Mortgage purchase applications rose 1% week over week for the period ending June 26 and gained 3% year over year, according to the Mortgage Bankers Association (MBA).
Google searches for "homes for sale" were up 8% year over year as of June 29.
Pending home sales edged up 0.4% week over week and 2% year over year, a reading consistent with pending home sales reaching a six-month high in May 2026, which pointed to pent-up demand that has not yet been extinguished.
Active listings were essentially flat year over year at 1,476,146, keeping months of supply at 3.5, well short of the four-to-five-month range considered balanced. New listings rose just 1.7% annually to 358,736.
Read more: New listings drought tests US housing market
The latest FHFA data shows home prices were essentially flat in April as elevated mortgage rates continued to limit transaction activity despite year over year price growth.https://t.co/jBDR9QD7AR
— Mortgage Professional America Magazine (@MPAMagazineUS) June 30, 2026
Metro-level divergence adds complexity for brokers
The national figures conceal significant regional variation. San Francisco led all tracked metros with a 10.8% price gain year over year and a 17% surge in pending sales. West Palm Beach, Florida followed at 10.6% price growth.
Seattle moved in the opposite direction as prices fell 5.3% and pending sales dropped 14.7%, the steepest decline of any tracked metro.
Houston's pending sales declined 14%.
Odeta Kushi, deputy chief economist at First American in Santa Ana, California, previously told Mortgage Professional America that meaningful rate relief is not the base case for the months ahead.
"The more likely story for the second half of the year is volatility around a higher-for-longer range, rather than a meaningful decline in mortgage rates," she said.
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
