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The 30-Year Fixed-Rate Mortgage Continues to Decrease

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February 13, 2024
The 30-year fixed-rate mortgage continued to inch down this week, reaching its lowest level thus far in 2025. Recent mortgage rate stability is benefitting potential buyers, as purchase demand is stronger than this time last year. This is an indication that a thaw in buyer activity could be on the horizon.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending February 1, 2025

U.S. sales of existing homes totaled 4.06 million in 2024, down from 4.09 million the year before, according to the National Association of REALTORS®. Meanwhile, sales of new single-family homes grew for the second year in a row, with an estimated 683,000 units sold last year, a 2.5% increase from 2023, the U.S. Census Bureau reports.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 1:

  • New Listings increased 4.5% to 1,029
  • Pending Sales decreased 6.7% to 687
  • Inventory decreased 1.9% to 6,844

FOR THE MONTH OF DECEMBER:

  • Median Sales Price increased 4.6% to $370,000
  • Days on Market increased 9.8% to 56
  • Percent of Original List Price Received increased 0.3% to 97.0%
  • Months Supply of Homes For Sale remained flat at 1.9

All comparisons are to 2024

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

Mortgage Rates Decrease

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February 6, 2024
The 30-year fixed-rate mortgage decreased this week, now averaging 6.89%. Mortgage rates have been stable over the last month and incoming data suggest the economy remains on firm footing. Even though rates are higher compared to last year, the last two weeks of purchase applications are modestly above what was seen a year ago, indicating some latent demand in the market.

Information provided by Freddie Mac.