Interest Rates

Mortgage Rates Down Again

After dropping earlier this week on trade-related anxiety in financial markets, the benchmark 10-year Treasury stabilized on Wednesday, but at a level slightly lower than from the start of last week. Mortgage rates followed and fell for the second consecutive week; the U.S. weekly average 30-year fixed mortgage was 4.4 percent in the Primary Mortgage Market Survey® (PMMS®) this week. Though rates on the 30-year fixed mortgage are up 0.3 percentage points from the same week a year ago, a robust labor marking is helping home purchase demand weather modestly higher rates.

Weekly Report

Weekly Market Report

For Week Ending March 24, 2018

In general, housing markets are performing rather well across the country and locally. While some measures may show year-over-year declines at times, the truth of the matter is that showings are plentiful, buyers are eagerly searching for homes to purchase and good properties are exchanging hands whether or not the overall inventory situation is less than favorable or mortgage rates go up a quarter percent.

In the Twin Cities region, for the week ending March 24:

  • New Listings decreased 1.9% to 1,586
  • Pending Sales decreased 12.4% to 1,197
  • Inventory decreased 23.2% to 8,290

For the month of February:

  • Median Sales Price increased 12.7% to $250,000
  • Days on Market decreased 15.9% to 69
  • Percent of Original List Price Received increased 1.6% to 98.0%
  • Months Supply of Inventory decreased 15.8% to 1.6

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Interest Rates

Mortgage Rates Little Changed

Treasury yields fell from a week ago helping to drive mortgage rates modestly lower. The yield on the 10-year Treasury dipped below 2.8 percent for the first time since early February of this year. The decline in Treasury yields comes as investors move into safer assets amid increased trade tensions. Following Treasurys, mortgage rates fell slightly. The U.S. weekly average 30-year fixed mortgage rate fell 1 basis point to 4.44 percent in this week’s survey.

Weekly Report

Weekly Market Report

For Week Ending March 17, 2018

The Federal Reserve raised its key short-term interest rate from 1.50 to 1.75 percent, citing inflation concerns in an improved economy with rising wages and low unemployment. Borrowing money will be more expensive, particularly for home equity loans, credit cards and adjustable rate mortgages. Although it is the Fed’s sixth rate increase since December 2015, rates remain historically low. Home buyers should be aware that at least two more rate increases are expected this year.

In the Twin Cities region, for the week ending March 17:

  • New Listings decreased 10.7% to 1,562
  • Pending Sales decreased 9.2% to 1,188
  • Inventory decreased 23.2% to 8,123

For the month of February:

  • Median Sales Price increased 12.7% to $250,000
  • Days on Market decreased 15.9% to 69
  • Percent of Original List Price Received increased 1.6% to 98.0%
  • Months Supply of Inventory decreased 15.8% to 1.6

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Interest Rates

Mortgage Rates Hold Steady After Last Week’s Drop

The Federal Reserve raised interest rates today – a much-anticipated move that comes as both U.S. and global economic fundamentals continue to strengthen. The Fed’s decision to raise interest rates by a quarter of a percentage point puts the federal funds rate at its highest level since 2008. The decision, while widely expected, sent the yield on the benchmark 10-year Treasury soaring. Following Treasurys, mortgage rates shrugged off last week’s drop and continued their upward march. The U.S. weekly average 30-year fixed mortgage rate rose 1 basis point to 4.45 percent in this week’s survey.

All information deemed reliable but not guaranteed and should be independently verified.

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