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Lakeville Real Estate

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Mortgage Rates Dip to Lowest Level Since February

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August 1, 2024
Mortgage rates declined to their lowest level since early February. Expectations of a Fed rate cut coupled with signs of cooling inflation bode well for the market, but apprehension in consumer confidence may prevent an immediate uptick as affordability challenges remain top of mind. Despite this, a recent moderation in home price growth and increases in housing inventory are a welcoming sign for potential homebuyers.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending July 13, 2024

U.S. homeowners with a mortgage saw their equity increase 9.6% year-over-year in the first quarter of 2024, an average gain of $28,000 and the highest number since 2022, according to CoreLogic’s Homeowner Equity Insights report. At the state level, California saw the greatest equity gain at an average of $64,000 annually, followed by Massachusetts and New Jersey, at $61,000 and $59,000, respectively.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 13:

  • New Listings increased 4.8% to 1,640
  • Pending Sales decreased 15.4% to 909
  • Inventory increased 10.3% to 8,905

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 1.8% to $390,000
  • Days on Market increased 9.7% to 34
  • Percent of Original List Price Received decreased 1.2% to 100.1%
  • Months Supply of Homes For Sale increased 14.3% to 2.4

All comparisons are to 2023

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