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Mortgage Rates Surge

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October 10, 2024
Following the release of a stronger-than-expected September jobs report, the 30-year fixed rate mortgage saw the largest one-week increase since April. However, the rise in rates is largely due to shifts in expectations and not the underlying economy, which has been strong for most of the year. Although higher rates make affordability more challenging, it shows the economic strength that should continue to support the recovery of the housing market.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending September 28, 2024

The average rate on a 30-year fixed mortgage dropped to 6.08% the week ending September 26, 2024, the lowest level in two years, according to Freddie Mac. Rates have fallen one and a half percentage points over the past 12 months, and buying power has increased significantly as a result, with Realtor.com reporting the typical homebuyer could afford a home priced $74,000 higher than the October 2023 median sales price for the same monthly payment.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 28:

  • New Listings increased 11.5% to 1,337
  • Pending Sales increased 4.4% to 935
  • Inventory increased 12.3% to 10,293

FOR THE MONTH OF AUGUST:

  • Median Sales Price increased 2.2% to $388,500
  • Days on Market increased 21.2% to 40
  • Percent of Original List Price Received decreased 1.3% to 98.7%
  • Months Supply of Homes For Sale increased 17.4% to 2.7

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Mortgage Rates Tick Up

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October 3, 2024
The decline in mortgage rates has stalled due to a mix of escalating geopolitical tensions and a rebound in short-term rates that indicate the market’s enthusiasm on rate cuts was premature. Zooming out to the bigger picture, mortgage rates have declined one and a half percentage points over the last 12 months, home price growth is slowing, inventory is increasing, and incomes continue to rise. As a result, the backdrop for homebuyers this fall is improving and should continue through the rest of the year.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending September 21, 2024

Nationally, inventory was up 35.8% year-over-year in August, according to Realtor.com’s latest Monthly Housing Market Trends Report, with active listings now at the highest level since May 2020. As the number of homes for sale continues to grow in many areas, some agents are reporting that list prices are softening, homes are spending more time on market, and price reductions are becoming more common compared to the same period last year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 21:

  • New Listings increased 11.9% to 1,435
  • Pending Sales decreased 1.5% to 879
  • Inventory increased 11.4% to 10,180

FOR THE MONTH OF AUGUST:

  • Median Sales Price increased 2.1% to $388,000
  • Days on Market increased 21.2% to 40
  • Percent of Original List Price Received decreased 1.3% to 98.7%
  • Months Supply of Homes For Sale increased 17.4% to 2.7

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

The 30-Year Fixed-Rate Mortgage Reaches Lowest Level in Two Years

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September 26, 2024
Although this week’s decline was slight, the 30-year fixed-rate mortgage trended down to its lowest level in two years. Given the downward trajectory of rates, refinance activity continues to pick up, creating opportunities for many homeowners to trim their monthly mortgage payment. Meanwhile, many looking to purchase a home are playing the waiting game to see if rates decrease further as additional economic data is released over the next several weeks.

Information provided by Freddie Mac.