Mortgage Payments See Steep Drop in December as Interest Rates Decline
• Monthly mortgage payments fell 14% in December to $2,361, the lowest in nearly a year
• The drop follows a peak of 7.79% for average mortgage rates in October
• Declining rates have led to more home tours and offers, per a Las Vegas Redfin agent
• Housing affordability hit a record low in 2022, with only 15.5% of homes affordable
• Redfin expects conditions to improve as rates fall further and supply increases