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Weekly Market Report

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For Week Ending November 5, 2022

With the average 30-year fixed-rate mortgage hovering around 7%, interest in adjustable-rate mortgages (ARM) continues to grow, as buyers look to save money any way they can. Freddie Mac reports the rate for a 5/1 ARM was a full point lower than the popular 30-year loan the week ending 11/4/22, while the share of homebuyers applying for ARMs has increased significantly since the start of the year, representing about 12% of total applications, according to the Mortgage Bankers Association.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 5:

  • New Listings decreased 22.4% to 965
  • Pending Sales decreased 37.4% to 751
  • Inventory increased 7.8% to 8,858

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 6.3% to $362,100
  • Days on Market increased 39.1% to 32
  • Percent of Original List Price Received decreased 2.3% to 98.9%
  • Months Supply of Homes For Sale increased 18.8% to 1.9

All comparisons are to 2021

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

Mortgage Rates Rise Above Seven Percent

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November 10, 2022
As the housing market adjusts to rapidly tightening monetary policy, mortgage rates again surpassed seven percent. The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on homebuyers continues to evolve. Home sales have declined significantly and, as we approach year-end, they are not expected to improve.

Information provided by Freddie Mac.