In a short week following Memorial Day, the 10-year Treasury yield fell 4 basis points. The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.94 percent and once again hitting a new 2017 low.
For Week Ending May 20, 2017
Mortgage rates have fallen to their lowest levels so far this year but remain above where they were last year at this time. The market has proven to be ready for higher rates, as many homes continue to sell rapidly, often above the asking price. As long as there is ample supply, which is not a given in every market, 2017 should continue to be a great year for residential real estate.
In the Twin Cities region, for the week ending May 20:
For the month of April:
All comparisons are to 2016
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
The 30-year mortgage rate fell 7 basis points this week in a delayed reaction to last week’s sharp drop in Treasury yields. The survey rate stands at 3.95 percent today, a new low for the year.
For Week Ending May 13, 2017
The residential real estate story continues to revolve around the low supply of homes for sale, thus a surge in new homes being built would be a great thing to see. Existing home sale are at all-time highs in some areas; however, home builders have not been able to keep up with demand for new inventory replenishment. It will be interesting to see if this will improve after national manufacturing production had a large increase last month.
In the Twin Cities region, for the week ending May 13:
For the month of April:
All comparisons are to 2016
Click here for the full Weekly Market Activity Report. From The Skinny Blog.