Christine Hazel

Mortgage Rates Rise for the Sixth Consecutive Week

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September 29, 2022
The uncertainty and volatility in financial markets is heavily impacting mortgage rates. Our survey indicates that the range of weekly rate quotes for the 30-year fixed-rate mortgage has more than doubled over the last year. This means that for the typical mortgage amount, a borrower who locked-in at the higher end of the range would pay several hundred dollars more than a borrower who locked-in at the lower end of the range. The large dispersion in rates means it has become even more important for homebuyers to shop around with different lenders.

Information provided by Freddie Mac.

Mortgage Rates Continue to Move Up

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September 1, 2022
The market’s renewed perception of a more aggressive monetary policy stance has driven mortgage rates up to almost double what they were a year ago. The increase in mortgage rates is coming at a particularly vulnerable time for the housing market as sellers are recalibrating their pricing due to lower purchase demand, likely resulting in continued price growth deceleration.

Weekly Market Report

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For Week Ending August 20, 2022

Rents continue to soar to new highs amid low vacancy rates, with the median rent hitting $1,879 in the 50 largest U.S. metropolitan areas in July, a 12.3% increase from the same time last year, according to a recent report from Realtor.com. Although rents remain elevated, rent growth appears to be slowing, having increased only $3 from June to July, with tenants in urban areas typically seeing higher rent hikes compared to those in the suburbs.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 20:

  • New Listings decreased 27.3% to 1,326
  • Pending Sales decreased 23.5% to 1,138
  • Inventory increased 5.1% to 8,953

FOR THE MONTH OF JULY:

  • Median Sales Price increased 7.1% to $375,000
  • Days on Market increased 15.8% to 22
  • Percent of Original List Price Received decreased 2.0% to 101.5%
  • Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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