\nThe typical homebuyer\u2019s monthly mortgage payment is $2,614, the lowest level since January and down $224 from May\u2019s all-time high, according to a new report<\/a> from Redfin<\/a>, the real estate brokerage powered by Rocket.<\/p>\n
\nHousing 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<\/a> and a neutral inflation report<\/a>. It\u2019s worth noting that another reason for declining payments is the seasonality of home-sale prices; they typically peak in late spring and have begun falling by this time of year.<\/p>\n There are several reasons serious house hunters should consider jumping into the market:<\/b><\/p>\n \n\u201cI\u2019m telling serious buyers that they have leverage right now\u2014and in the Bay Area, that has been unheard of for a long time,\u201d said Josh Felder<\/a>, a Redfin Premier<\/a> agent in San Francisco<\/a>. \u201cThere\u2019s less competition than usual because of economic uncertainty, and the market is no longer tilted in sellers\u2019 favor. I just submitted an offer for a client on a townhouse in Mountain View, which is in Google land and would have gotten between five and 10 offers a year ago. We offered close to the asking price with no competition, and got it. Prices are still high, but first-time buyers have a window.\u201d<\/p>\n \nFor Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201cFrom Our Economists<\/a>\u201d page.<\/p>\n\n