SEATTLE, WA – Homebuyers in Seattle and across the U.S. are grappling with record-high monthly mortgage payments, according to a new report from Redfin. The typical homebuyer’s payment soared to $2,802 during the four weeks ending March 30, marking a historic peak. This increase is driven by a 3.4% year-over-year rise in home sale prices and a 6.65% mortgage rate, more than double pre-pandemic levels.
Despite high costs, new listings are rising, up 12.7% compared to last year, as sellers aim to capitalize on strong prices. Meanwhile, pending home sales fell 2.3%, reflecting affordability challenges. However, home tours and mortgage applications are on the rise, signaling cautious optimism among buyers.…