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Mortgage Rates Jump Up

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August 11, 2022
The 30-year fixed-rate went back up to well over five percent this week, a reminder that recent volatility remains persistent. Although rates continue to fluctuate, recent data suggest that the housing market is stabilizing as it transitions from the surge of activity during the pandemic to a more balanced market. Declines in purchase demand continue to diminish while supply remains fairly tight across most markets. The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the summer.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending July 30, 2022

As housing supply continues to increase across the country, prospective buyers’ housing expectations are on the rise as well, with the National Association of Home Builders (NAHB) reporting the share of prospective buyers expecting their home search to be easier in the coming months climbed to 22% in the second quarter, up from 17% in the first quarter. The NAHB attributes the improved outlook among buyers to increases in inventory and a decline in buyer competition.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 30:

  • New Listings decreased 24.5% to 1,443
  • Pending Sales decreased 22.4% to 1,171
  • Inventory increased 10.3% to 8,830

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 8.6% to $380,000
  • Days on Market increased 5.0% to 21
  • Percent of Original List Price Received decreased 0.8% to 103.3%
  • Months Supply of Homes For Sale increased 23.1% to 1.6

All comparisons are to 2021

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

Mortgage Rates Drop Below Five Percent

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August 4, 2022
Mortgage rates remained volatile due to the tug of war between inflationary pressures and a clear slowdown in economic growth. The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, especially as the Federal Reserve attempts to navigate the current economic environment.

Information provided by Freddie Mac.