Redfin Reports Mortgage Rates Drop to 10-Month Low, Pushing Down Monthly Housing Payments

SEATTLE--(BUSINESS WIRE)--The typical homebuyer’s monthly mortgage payment is $2,614, the lowest level since January and down $224 from May’s all-time high, according to a new report from Redfin, the real estate brokerage powered by Rocket. Housing payments are falling mainly because mortgage rates are falling. The weekly average mortgage rate dropped to a 10-month low of 6.58% last week in the wake of a weak July jobs report and a neutral inflation report. It’s worth noting that another reason