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Weekly Market Report

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For Week Ending May 6, 2023

Mortgage interest rates fell slightly following the Federal Reserve’s recent decision to raise its benchmark short-term interest rate by a quarter percentage point this month, its 10th interest rate hike since March 2022. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.39% the week ending 5/4/23, up from 5.27% a year ago. Many economists expect mortgage interest rates will continue to soften over the year due to cooling inflation.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 6:

  • New Listings decreased 18.2% to 1,533
  • Pending Sales decreased 23.4% to 1,096
  • Inventory increased at 6,325

FOR THE MONTH OF MARCH:

  • Median Sales Price remained flat at $355,000
  • Days on Market increased 65.7% to 58
  • Percent of Original List Price Received decreased 4.0% to 98.6%
  • Months Supply of Homes For Sale increased 36.4% to 1.5

All comparisons are to 2022

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

Mortgage Rates Inch Down

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May 11, 2023
This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year. While inflation remains elevated, its rate of growth has moderated and is expected to decelerate over the remainder of 2023. This should bode well for the trajectory of mortgage rates over the long-term.

Information provided by Freddie Mac.