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Mortgage Rates Increase Once Again

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October 24, 2024
The continued strength in the economy drove mortgage rates higher once again this week. Over the last few years, there has been a tension between downbeat economic narrative and incoming economic data stronger than that narrative. This has led to higher-than-normal volatility in mortgage rates, despite a strengthening economy.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending October 12, 2024

According to the Mortgage Bankers Association, the median mortgage application payment was $2,057 in August, down from $2,140 in July, marking the fourth consecutive month affordability conditions improved. Mortgage rates are down significantly from their peak of 7.79% last October, which should help bring additional buyers to the market in the months ahead.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 12:

  • New Listings increased 12.5% to 1,368
  • Pending Sales increased 7.3% to 865
  • Inventory increased 10.8% to 10,244

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 2.4% to $379,950
  • Days on Market increased 14.7% to 39
  • Percent of Original List Price Received decreased 0.8% to 98.5%
  • Months Supply of Homes For Sale increased 12.0% to 2.8

All comparisons are to 2023

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