1027 ET - Monthly mortgage payments are dropping in 12 of the 50 most populous U.S. metro areas, with half in Florida or Texas, according to Redfin. Jacksonville, Fla., saw the largest decline, with payments falling 4.2% to $2,482 in March. San Francisco and Oakland followed, with payments down 3.5% to $10,054 and 2% to $6,638, respectively. Other metros with declines include Seattle, Portland, and additional Florida and Texas cities. The decreases stem from lower mortgage rates--down to 6.65% in March from 6.82% a year earlier--and flat or declining home-sale prices in nine metros, including Jacksonville and San Francisco. Slowing demand, driven by economic uncertainty, new tariffs, recession risks, and still-high mortgage rates, has kept prices in check. In Seattle, Nashville, and Denver, median home-sale prices rose less than 1% year-over- year. (chris.wack@wsj.com)
(END) Dow Jones Newswires
April 30, 2025 10:27 ET (14:27 GMT)
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