{"id":825330,"date":"2025-03-13T08:05:06","date_gmt":"2025-03-13T12:05:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\/"},"modified":"2025-03-13T08:05:06","modified_gmt":"2025-03-13T12:05:06","slug":"more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\/","title":{"rendered":"More People Are House Hunting and Applying For Mortgages as Rates Decline"},"content":{"rendered":"

<\/p>\n

More People Are House Hunting and Applying For Mortgages as Rates Decline<\/b><\/p>\n

Redfin reports prospective homebuyers are hitting the pavement as rates drop to their lowest level since mid-December. But that hasn\u2019t yet translated to sales.<\/i><\/p>\n

SEATTLE–(BUSINESS WIRE<\/a>)–
\n(NASDAQ: RDFN) \u2014 More house hunters are touring homes and applying for mortgages as weekly average mortgage rates dip to their lowest level since mid-December. That\u2019s according to a new r<\/a>epo<\/a>r<\/a>t<\/a> from Redfin (redfin.com<\/a>), the technology-powered real estate brokerage.\n<\/p>\n

\nMortgage-purchase applications rose 7% this week, and Google searches of \u201chomes for sale\u201d are up 10% month over month. Redfin\u2019s Homebuyer Demand Index\u2013a seasonally adjusted measure of home tours and other buying services from Redfin agents\u2013hit its highest level since the start of the year.\n<\/p>\n

\nThe uptick in house hunting hasn\u2019t yet translated to an uptick in home sales. Pending home sales fell 6.1% year over year during the four weeks ending March 9, on par with declines over the last few months.\n<\/p>\n

\n\u201cMortgage rates are coming down because the country\u2019s economic outlook is getting stormier as investors worry about things like tariffs and a slightly weaker-than-expected<\/a> job market,\u201d said Redfin Economic Research Lead Chen Zhao. \u201cLower mortgage rates have brought some house hunters who were waiting for costs to come down off the sidelines. But they haven\u2019t yet led to more sales because prospective buyers are still figuring out whether lower payments are enough to justify a home purchase in today\u2019s uncertain economy. Many Americans are concerned about things like job security and a potential recession<\/a>.\u201d\n<\/p>\n

\nOn the selling side, new listings of homes for sale are up 3.1% year over year, similar to the upticks seen over the last month. Redfin expects listings to continue ticking up as spring homebuying season begins, and homeowners notice increasing demand from buyers.\n<\/p>\n\n\n\n\n\n\n\n\n\n
\n

Indicators of homebuying demand and activity<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Value (if applicable)<\/b><\/p>\n<\/td>\n

\n

Recent change<\/b><\/p>\n<\/td>\n

\n

Year-over-year change<\/b><\/p>\n<\/td>\n

\n

Source<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Daily average 30-year fixed mortgage rate<\/b><\/p>\n<\/td>\n

\n

\n6.82% (March 12)\n<\/p>\n<\/td>\n

\n

\nUp from 6.7% a week earlier, but still near lowest level since December\n<\/p>\n<\/td>\n

\n

\nDown from 6.87%\n<\/p>\n<\/td>\n

\n

\nMortgage News Daily\n<\/p>\n<\/td>\n<\/tr>\n

\n

Weekly average 30-year fixed mortgage rate<\/b><\/p>\n<\/td>\n

\n

\n6.63% (week ending March 6)\n<\/p>\n<\/td>\n

\n

\nLowest level since mid-December\n<\/p>\n<\/td>\n

\n

\nDown from 6.88%\n<\/p>\n<\/td>\n

\n

\nFreddie Mac\n<\/p>\n<\/td>\n<\/tr>\n

\n

Mortgage-purchase applications (seasonally adjusted)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nUp 7% from a week earlier (as of week ending March 7)\n<\/p>\n<\/td>\n

\n

\nUp 4%\n<\/p>\n<\/td>\n

\n

\nMortgage Bankers Association\n<\/p>\n<\/td>\n<\/tr>\n

\n

Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nHighest level since start of 2025 (as of week ending March 9)\n<\/p>\n<\/td>\n

\n

\nUp 5%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nRedfin Homebuyer Demand Index, a measure of tours and other homebuying services from Redfin agents\n<\/p>\n<\/td>\n<\/tr>\n

\n

Touring activity<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nUp 32% from the start of the year (as of March 10)\n<\/p>\n<\/td>\n

\n

\nAt this time last year, it was up 29% from the start of 2024\n<\/p>\n<\/td>\n

\n

\nShowingTime, a home touring technology company\n<\/p>\n<\/td>\n<\/tr>\n

\n

Google searches for \u201chome for sale\u201d<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nUp 10% from a month earlier (as of March 10)\n<\/p>\n<\/td>\n

\n

\nUnchanged\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nGoogle Trends\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

U.S. highlights: Four weeks ending March 9, 2025<\/b><\/p>\n

Redfin\u2019s national metrics include data from 400+ U.S. metro areas, and are based on homes listed and\/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Four weeks ending March 9, 2025<\/b><\/p>\n<\/td>\n

\n

Year-over-year change<\/b><\/p>\n<\/td>\n

\n

Notes<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Median sale price<\/b><\/p>\n<\/td>\n

\n

\n$381,975\n<\/p>\n<\/td>\n

\n

\n3.2%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Median asking price<\/b><\/p>\n<\/td>\n

\n

\n$421,225\n<\/p>\n<\/td>\n

\n

\n6.1%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Median monthly mortgage payment<\/b><\/p>\n<\/td>\n

\n

\n$2,773 at a 6.63% mortgage rate\n<\/p>\n<\/td>\n

\n

\n5.2%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Pending sales<\/b><\/p>\n<\/td>\n

\n

\n77,182\n<\/p>\n<\/td>\n

\n

\n-6.1%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

New listings<\/b><\/p>\n<\/td>\n

\n

\n88,739\n<\/p>\n<\/td>\n

\n

\n3.1%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Active listings<\/b><\/p>\n<\/td>\n

\n

\n925,690\n<\/p>\n<\/td>\n

\n

\n9.3%\n<\/p>\n<\/td>\n

\n

\nSmallest increase in over a year\n<\/p>\n<\/td>\n<\/tr>\n

\n

Months of supply<\/b><\/p>\n<\/td>\n

\n

\n4.1 (lowest level of the year)\n<\/p>\n<\/td>\n

\n

\n+0.6 pts.\n<\/p>\n<\/td>\n

\n

\n4 to 5 months of supply is considered balanced, with a lower number indicating seller\u2019s market conditions\n<\/p>\n<\/td>\n<\/tr>\n

\n

Share of homes off market in two weeks<\/b><\/p>\n<\/td>\n

\n

\n34.6%\n<\/p>\n<\/td>\n

\n

\nDown from 39%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Median days on market<\/b><\/p>\n<\/td>\n

\n

\n52\n<\/p>\n<\/td>\n

\n

\n+7 days\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Share of homes sold above list price<\/b><\/p>\n<\/td>\n

\n

\n22.9%\n<\/p>\n<\/td>\n

\n

\nDown from 25%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Average sale-to-list price ratio<\/b><\/p>\n<\/td>\n

\n

\n98.3%\n<\/p>\n<\/td>\n

\n

\nDown from 98.6%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending March 9, 2025<\/b><\/p>\n

Redfin\u2019s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Metros with biggest year-over-year increases<\/b><\/p>\n<\/td>\n

\n

Metros with biggest year-over-year decreases<\/b><\/p>\n<\/td>\n

\n

Notes<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Median sale price<\/b><\/p>\n<\/td>\n

\n

\nMilwaukee (15.7%)\n<\/p>\n

\nCleveland (13%)\n<\/p>\n

\nAnaheim, CA (11.7%)\n<\/p>\n

\nNassau County, NY (11.5%)\n<\/p>\n

\nSan Jose, CA (10.3%)\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nAustin, TX (-3.9%)\n<\/p>\n

\nJacksonville, FL (-2.6%)\n<\/p>\n

\nTampa, FL (-2%)\n<\/p>\n

\nAtlanta (-1%)\n<\/p>\n

\nSan Antonio (-0.8%)\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nDeclined in 5 metros\n<\/p>\n<\/td>\n<\/tr>\n

\n

Pending sales<\/b><\/p>\n<\/td>\n

\n

\nLos Angeles (3.3%)\n<\/p>\n

\nAnaheim, CA (3.1%)
\n
Columbus, OH (1.9%)\n<\/p>\n

\nSacramento, CA (1%)\n<\/p>\n<\/td>\n

\n

\nFort Lauderdale, FL (-16.6%)\n<\/p>\n

\nWarren, MI (-16.1%)\n<\/p>\n

\nHouston (-15.6%)\n<\/p>\n

\nAtlanta (-14.8%)\n<\/p>\n

\nDetroit (-14.7%)\n<\/p>\n<\/td>\n

\n

\nIncreased in 4 metros\n<\/p>\n<\/td>\n<\/tr>\n

\n

New listings<\/b><\/p>\n<\/td>\n

\n

\nSan Jose, CA (35.7%)\n<\/p>\n

\nSacramento, CA (27.3%)\n<\/p>\n

\nOakland, CA (25\/2%)\n<\/p>\n

\nPhoenix (24%)\n<\/p>\n

\nLos Angeles (17.7%)\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nDetroit (-18.3%)\n<\/p>\n

\nWarren, MI (-13.1%)\n<\/p>\n

\nAustin, TX (-9.9%)\n<\/p>\n

\nFort Worth, TX (-7.1%)\n<\/p>\n

\nMilwaukee (-6.6%)\n<\/p>\n<\/td>\n

\n

\nIncreased in roughly half the metros\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nTo view the full report, including charts, please visit: https:\/\/www.redfin.com\/news\/housing-market-update-more-house-hunting-rates-fall<\/a><\/p>\n

About Redfin<\/b><\/p>\n

\nRedfin (www.redfin.com<\/a>) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country’s #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.\n<\/p>\n

\nRedfin\u2019s subsidiaries and affiliated brands include: Bay Equity Home Loans\u00ae, Rent.\u2122, Apartment Guide\u00ae, Title Forward\u00ae and WalkScore\u00ae.\n<\/p>\n

\nFor more information or to contact a local Redfin real estate agent, visit www.redfin.com<\/a>. To learn about housing market trends and download data, visit the Redfin Data Center<\/a>. To be added to Redfin’s press release distribution list, email press@redfin.com<\/a>. To view Redfin’s press center, click here<\/a>.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250313277389\/en\/<\/a><\/span><\/p>\n

\nContact Redfin
\n
Redfin Journalist Services:
\n
Ally Braun, 206-414-8880
\n
press@redfin.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America Washington<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Technology Residential Building & Real Estate Finance Construction & Property Internet<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

More People Are House Hunting and Applying For Mortgages as Rates Decline Redfin reports prospective homebuyers are hitting the pavement as rates drop to their lowest level since mid-December. But that hasn\u2019t yet translated to sales. SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 More house hunters are touring homes and applying for mortgages as weekly average mortgage rates dip to their lowest level since mid-December. That\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Mortgage-purchase applications rose 7% this week, and Google searches of \u201chomes for sale\u201d are up 10% month over month. Redfin\u2019s Homebuyer Demand Index\u2013a seasonally adjusted measure of home tours and other buying services from Redfin agents\u2013hit its highest level since the start of … <\/p>\n

Continue reading “More People Are House Hunting and Applying For Mortgages as Rates Decline”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-825330","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nMore People Are House Hunting and Applying For Mortgages as Rates Decline - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More People Are House Hunting and Applying For Mortgages as Rates Decline - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"More People Are House Hunting and Applying For Mortgages as Rates Decline Redfin reports prospective homebuyers are hitting the pavement as rates drop to their lowest level since mid-December. But that hasn\u2019t yet translated to sales. SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 More house hunters are touring homes and applying for mortgages as weekly average mortgage rates dip to their lowest level since mid-December. That\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Mortgage-purchase applications rose 7% this week, and Google searches of \u201chomes for sale\u201d are up 10% month over month. Redfin\u2019s Homebuyer Demand Index\u2013a seasonally adjusted measure of home tours and other buying services from Redfin agents\u2013hit its highest level since the start of … Continue reading "More People Are House Hunting and Applying For Mortgages as Rates Decline"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-13T12:05:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20250313277389r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"More People Are House Hunting and Applying For Mortgages as Rates Decline\",\"datePublished\":\"2025-03-13T12:05:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\\\/\"},\"wordCount\":965,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20250313277389r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\\\/\",\"name\":\"More People Are House Hunting and Applying For Mortgages as Rates Decline - 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But that hasn\u2019t yet translated to sales. SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 More house hunters are touring homes and applying for mortgages as weekly average mortgage rates dip to their lowest level since mid-December. That\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Mortgage-purchase applications rose 7% this week, and Google searches of \u201chomes for sale\u201d are up 10% month over month. Redfin\u2019s Homebuyer Demand Index\u2013a seasonally adjusted measure of home tours and other buying services from Redfin agents\u2013hit its highest level since the start of … Continue reading \"More People Are House Hunting and Applying For Mortgages as Rates Decline\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\/","og_site_name":"Market Newsdesk","article_published_time":"2025-03-13T12:05:06+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20250313277389r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"More People Are House Hunting and Applying For Mortgages as Rates Decline","datePublished":"2025-03-13T12:05:06+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\/"},"wordCount":965,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20250313277389r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/more-people-are-house-hunting-and-applying-for-mortgages-as-rates-decline\/","name":"More People Are House Hunting and Applying For Mortgages as Rates Decline - 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