Homebuyers Lose $33,000 in Purchasing Power in 6 Weeks As Mortgage Rates Hit 7%
Redfin Corporation (RDFN)
Last redfin corporation earnings: 2/12 04:01 pm
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Source: Business Wire
Redfin reports daily average mortgage rates have increased by nearly a whole percentage point since mid-September, bruising homebuyers’ budgets. The jump in rates comes just one week before a presidential election in which housing affordability is a top issue for voters. SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — A homebuyer on a $3,000 monthly budget has lost $33,250 in purchasing power over the last six weeks, with the daily average 30-year fixed mortgage rate rising to 7% on October 28, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.This is the first time mortgage rates have hit 7% since the start of summer; they’re up nearly one percentage point from the 18-month low they dropped to in mid-September. A homebuyer on a $3,000 monthly budget can afford a $442,500 home with the current 7% mortgage rate. The same homebuyer could have purchased a $475,750 home with a 6.11% rate—the average on September 17.That buyer still has $17,000
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News
- Redfin Reports The Number of Renter Households Is Growing Three Times Faster Than Homeowner HouseholdsBusiness Wire
- Redfin Survey: 38% of People Who Already Voted Say Housing Affordability Impacted Their Presidential PickBusiness Wire
- Redfin Reports 28% of Houses For Sale Are Newly Built, the Lowest Share in 3 YearsBusiness Wire
- Real Estate Agent Commissions Hold Steady Since New Industry Rules Were Implemented, Redfin ReportsBusiness Wire
- Redfin Reports Housing Market Stays Surprisingly Active As Election Looms and Mortgage Rates Hit 7%Business Wire
RDFN
Earnings
- 8/6/24 - Beat
RDFN
Sec Filings
- 8/28/24 - Form 4
- 8/27/24 - Form 4
- 8/23/24 - Form 144
- RDFN's page on the SEC website