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Weekly Market Report

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For Week Ending August 3, 2024

The average rate on a 30-year mortgage fell to 6.73% the week ending August 1, 2024, the lowest level since early February, according to Freddie Mac. As a result, mortgage applications increased 6.9% on a seasonally adjusted basis from the previous week, boosted by a surge in refinance applications, which jumped 16%, while purchase applications rose 1%, per the Mortgage Bankers Association’s Weekly Applications Survey.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 3:

  • New Listings decreased 0.2% to 1,440
  • Pending Sales decreased 0.4% to 1,052
  • Inventory increased 12.8% to 9,511

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 1.8% to $390,000
  • Days on Market increased 12.9% to 35
  • Percent of Original List Price Received decreased 1.2% to 100.1%
  • Months Supply of Homes For Sale increased 19.0% to 2.5

All comparisons are to 2023

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

Mortgage Rates Decrease to Lowest Level in Over a Year

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August 8, 2024
Mortgage rates plunged this week to their lowest level in over a year following the likely overreaction to a less than favorable employment report and financial market turbulence for an economy that remains on solid footing. The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move. Additionally, this drop in rates is already providing some existing homeowners the opportunity to refinance, with the refinance share of market mortgage applications reaching nearly 42 percent, the highest since March 2022.

Information provided by Freddie Mac.