Redfin - Homebuying Demand Ticks Up, Mortgage Rates Tick Down

Published: 2026-05-01 06:25:15 ET RKT

Published on 05/01/2026 at 06:25 am EDT

SEATTLE - U.S. pending home sales rose 2.7% year over year during the four weeks ending April 26, the biggest increase in six weeks.

That's according to a new report from Redfin, the real estate brokerage powered by Rocket. Mortgage-purchase applications have risen to their highest level in three months.

There are a few reasons more homebuyers are on the hunt: Affordability is improving. The weekly average mortgage rate has dropped to 6.23% from a seven-month high of 6.46% at the start of April, pushing the median monthly housing payment down 2.2% year over year.

Markets have started to stabilize. At the same time, some sidelined house hunters are encouraged because markets-and mortgage rates-have steadied as the Iran war fades a bit from the headlines. The timing of Easter is also contributing to the year-over-year uptick in pending sales; Easter didn't fall into this four-week period, but it was in 2025's comparable period.

Sellers are coming out of the woodwork as they notice demand from buyers creeping up. New listings rose 2.2% year over year, the second week of increases after five straight months of declines. It's also prime home-selling season, when homes are more likely to sell above their asking price, and to sell faster.

'Even though more buyers are coming off the sidelines, some are still wondering if they should wait for mortgage rates to fall more before making a move. I tell them no-if you love a home and you can afford it, make an offer,' said Sue Dhillon, a Redfin Premier agent in Seattle. 'It is a buyer's market, but there is competition for desirable homes in popular neighborhoods. And while prices are lower than they have been over the past few years, they will rise quickly if bidding wars do pick up.'

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin's clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

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