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Mortgage Rates Rise for the Third Consecutive Week

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August 10, 2023
For the third straight week, mortgage rates continued creeping up and are now just shy of seven percent. There is no doubt continued high rates will prolong affordability challenges longer than expected, particularly with home prices on the rise again. However, upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending July 29, 2023

Single-family housing starts fell 8% to a seasonally adjusted annual rate of 1.43 million in June, according to a joint report from the U.S. Census Bureau and the Department of Housing and Urban Development, as higher interest rates and supply chain challenges continue to impact homebuilders and slow construction activity. Despite the decline, however, single-family permits were up 2.2% month-over-month, the highest pace since June 2022, according to the report.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 29:

  • New Listings decreased 9.3% to 1,340
  • Pending Sales decreased 8.7% to 1,077
  • Inventory decreased 14.4% to 7,972

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 0.5% to $382,000
  • Days on Market increased 47.6% to 31
  • Percent of Original List Price Received decreased 1.9% to 101.3%
  • Months Supply of Homes For Sale increased 17.6% to 2.0

All comparisons are to 2022

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

Mortgage Rates Increase

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August 3, 2023
The combination of upbeat economic data and the U.S. government credit rating downgrade caused mortgage rates to rise this week. Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory.

Information provided by Freddie Mac.