1006 ET - Declining mortgage rates have pushed the median U.S. monthly housing payment down to $2,593, the lowest level since January, according to Redfin. The weekly average mortgage rate has ticked down to 6.56%, the lowest level in nearly a year. Lower monthly payments are leading to a modest uptick in home sales. Pending home sales rose 1.6% from a year earlier. But sales aren't surging, likely because it's still difficult for many Americans to afford a home. Home-sale prices rose 1.6% year over year during the four weeks ending Aug. 31, and while monthly payments have fallen from their peak, they're still up 5% from a year ago. "Mortgage rates haven't come down significantly enough to bring back a flood of buyers," Redfin says. Inventory has declined from its summer peak, one reason why sale prices are still rising. (chris.wack@wsj.com)

(END) Dow Jones Newswires

September 04, 2025 10:06 ET (14:06 GMT)

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