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Mortgage Rates Continue to Climb

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October 12, 2023
For the fifth consecutive week, mortgage rates rose as ongoing market and geopolitical uncertainty continues to increase. The good news is that the economy and incomes continue to grow at a solid pace, but the housing market remains fraught with significant affordability constraints. As a result, purchase demand remains at a three-decade low.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending September 30, 2023

Nationally, pending home sales decreased 7.1% month-over-month as of last measure, falling to the lowest level since April 2020, according to the National Association of REALTORS®, as rising borrowing costs and a scarcity of new listings continue to impact market activity. Pending sales declined in all four regions and were down 18.7% year-over-year, with the smallest monthly declines noted in the Northeast (-0.9%) and the Midwest (-7.0%).

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

  • New Listings decreased 9.8% to 1,174
  • Pending Sales decreased 2.0% to 895
  • Inventory decreased 7.4% to 8,732

FOR THE MONTH OF AUGUST:

  • Median Sales Price increased 2.7% to $380,000
  • Days on Market increased 18.5% to 32
  • Percent of Original List Price Received increased 0.1% to 100.0%
  • Months Supply of Homes For Sale increased 21.1% to 2.3

All comparisons are to 2022

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

Mortgage Rates Continue to Surge

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October 5, 2023
Mortgage rates maintained their upward trajectory as the 10-year Treasury yield, a key benchmark, climbed. Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation. Unsurprisingly, this is pulling back homebuyer demand.

Information provided by Freddie Mac.