Redfin shares gain after new report indicates uptick in home-buying demand

Redfin

22/08/2024 17:37

** Shares of realtor company Redfin  RDFN.O  rise 5% to
$9.49 on Thurs after Co issues new report showing a slight
decline in monthly mortgage payments, signaling an uptick in
home-buying demand
    ** RDFN is one of the top ten gainers on the small-cap
Russell 2000 index  .RUT 
    **  Median U.S. monthly mortgage payment was $2,587 during
the four weeks ending August 18, its lowest level since February
and down 0.1% from a year earlier, according to the report
    ** This marks the first time in four years that monthly
mortgage payments have shown any decline amid falling mortgage
rates, report says
    ** Weekly average mortgage rates are at a 15-month low of
just below 6.5%, down from a peak of 7.2% in May
    ** Despite today's gains, RDFN is still down ~8 YTD

 (Reporting by Chibuike Oguh in New York)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))