Disappointing April employment data once again kept a lid on Treasury yields, which have struggled to stay above 1.8 percent since late March. As a result, the 30-year mortgage rate fell 4 basis points to 3.57 percent, a new low for 2016 and the lowest mark in 3 years.
For Week Ending April 30, 2016
The home-purchasing season may get a bit competitive this year thanks to low mortgage rates and pent up demand. With pending sales on the rise in many markets combined with a relatively low number of homes for sale, buyers need to act quickly once they find their ideal home.
In the Twin Cities region, for the week ending April 30:
For the month of April:
All comparisons are to 2015
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
The Fed’s decision to stand pat followed by a week of assorted unsettling news drove Treasury yields lower. As a consequence, the 30-year mortgage rate drifted down to 3.61 percent, just 3 basis points above the low for the year. Since the start of February, mortgage rates have varied within a narrow range providing an extended period for house hunters to take advantage of historically low rates.
For Week Ending April 23, 2016
Despite the literal and symbolic rain on the real estate market’s parade recently, REALTORS® are keeping busy with closing finalizations and stacked showing schedules. The average days on market remains low in most price ranges across the country. Interested buyers, and their agents, have to move fast this spring in order to find the right fit.
In the Twin Cities region, for the week ending April 23:
For the month of March:
All comparisons are to 2015
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
The April 28 release of Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) results shows mortgage rates inching higher. The 30-year mortgage rate jumped 7 basis points to 3.66 percent, responding to higher Treasury yields this week.