February 23, 2023
The economy continues to show strength, and interest rates are repricing to account for the stronger than expected growth, tight labor market and the threat of sticky inflation. Our research shows that rate dispersion increases as mortgage rates trend up. This means homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among lenders to find a better rate.
Information provided by Freddie Mac.
For Week Ending February 11, 2023
Nationally, the median age of owner-occupied homes is 40 years, according to the 2021 American Community Survey (ACS), the most recent survey available. Among owner-occupied homes, nearly half were built before 1979, while only 10% of homes were built 2010 or later. As America’s housing stock continues to age, and with a limited supply of residential new construction available, the home renovation industry has experienced a boom the last few years, especially during the pandemic, which saw homeowner remodeling and repair spending increase by double digits, per the Leading Indicator of Remodeling Activity (LIRA) from the Harvard Joint Center for Housing Studies.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 11:
FOR THE MONTH OF JANUARY:
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
February 16, 2023
Mortgage rates moved up for the second consecutive week. The economy is showing signs of resilience, mainly due to consumer spending, and rates are increasing. Overall housing costs are also increasing and therefore impacting inflation, which continues to persist.
Information provided by Freddie Mac.