Market Pulse Archives

Jan. 21, 2022, 8:24 a.m. EST

Mortgage payments, rents see biggest jumps in Redfin's records in December

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Redfin Corp. (RDFN)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

The average monthly mortgage payment in the U.S. in December soared 21.6% from a year ago, the biggest increase since real-estate services company Redfin Corp. /zigman2/quotes/203726414/composite RDFN -1.25% has been keeping records, and are expected to keep rising this year, Redfin said Friday. And monthly average rents in December jumped 14.1% to $1,877, also the biggest increase on record. Redfin attributed the rise in mortgage payments to both climbing home prices and mortgage rates. Redfin started recording rental data in February 2019. "And those rising mortgage costs push more potential homebuyers into renting instead, which pushed up demand and prices for rentals," said Redfin Chief Economist Daryl Fairweather. "Mortgage rate increases are accelerating, which will cause both mortgage payments and rent to grow throughout 2022." Redfin's stock, which fell 0.7% in premarket trading, has plunged 42.3% over the past three months to close Thursday at the lowest price since June 1, 2020, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.55% has lost 1.5% over the same time.

/zigman2/quotes/203726414/composite
US : U.S.: Nasdaq
$ 10.30
-0.13 -1.25%
Volume: 652,483
May 23, 2022 11:28a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.12 billion
Rev. per Employee
$347,231
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,961.75
+60.39 +1.55%
Volume: 827.19M
May 23, 2022 11:28a
loading...

Get news alerts on Redfin Corp. — or create your own.
This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.