Typical Homebuyer’s Monthly Payment Down More Than $200 From May Peak, With September’s Anticipated Interest Rate Cut Already Priced Into Mortgage Rates

SEATTLE--(BUSINESS WIRE)--Redfin reports the median monthly mortgage payment fell to a seven-month low of $2,631 during the four weeks ending August 10, down $215 from its May peak of $2,846. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket. Last week marked the 12th consecutive week that monthly payments either dropped or stayed flat. Monthly payments are becoming more affordable because mortgage rates are at a 10-month low, falling to 6.53% yesterday—t