The March 5 release of Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) results shows average fixed mortgage rates moving lower for the first time in four weeks and remaining near late May, 2013 lows.
Mortgage Rates Move Lower
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending February 21, 2015
Rumors that Fannie Mae and Freddie Mac could one day be a thing of the past have people wondering about the future of the 30-year fixed-rate mortgage. But let’s not sound the alarm just yet. A drastic change to lending’s gold standard is certainly not on the immediate horizon. Meanwhile, Federal Reserve Chair Janet Yellen seems to have no immediate interest in raising interest rates for the first time since 2006. The economy remains stable for the time being, which should keep housing rolling through the short-named months.
In the Twin Cities region, for the week ending February 21:
- New Listings increased 29.8% to 1,365
- Pending Sales increased 36.4% to 981
- Inventory decreased 3.0% to 12,570
For the month of January:
- Median Sales Price increased 8.5% to $195,000
- Days on Market increased 7.5% to 100
- Percent of Original List Price Received increased 0.2% to 93.7%
- Months Supply of Inventory increased 3.4% to 3.0
All comparisons are to 2014
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Rise For Third Week
Freddie Mac’s Feb. 26 release of the results of its Primary Mortgage Market Survey® (PMMS®) shows average fixed mortgage rates moving higher amid solid housing data on new home sales and house price appreciation. Regardless, fixed-rate mortgages rates still remain near their late May, 2013 lows.
February Monthly Skinny Video
Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity.
Existing Home Sales
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending February 14, 2015
As we hit February, mortgage rates continue to remain low, bringing about a high dosage of optimism to the market. While some reports attempt to dissect drops in builder confidence with a negative-bent attitude, low rates seem prepped to steer potential buyers toward getting their own set of house keys, curbing the pessimism of market naysayers.
In the Twin Cities region, for the week ending February 14:
- New Listings increased 12.1% to 1,298
- Pending Sales increased 15.6% to 920
- Inventory decreased 3.7% to 12,410
For the month of January:
- Median Sales Price increased 8.5% to $195,000
- Days on Market increased 7.5% to 100
- Percent of Original List Price Received increased 0.2% to 93.7%
- Months Supply of Inventory remained flat at 2.9
All comparisons are to 2014
Click here for the full Weekly Market Activity Report. From The Skinny Blog.