Twin Cities Real Estate
April 13, 2023
Mortgage rates decreased for the fifth consecutive week. Incoming data suggest inflation remains well above the desired level but showing signs of deceleration. These trends, coupled with tight labor markets, are creating increased optimism among prospective homebuyers as the housing market hits its peak in the spring and summer.
Information provided by Freddie Mac.
For Week Ending April 1, 2023
The annual rate of US rent growth has continued to slow annually, with single-family rents increasing 5.7% as of last measure, the lowest level since spring 2021, according to Corelogic’s most recent Single-Family Rent Index (SFRI). This marks the 9th consecutive month rent growth has slowed, with Orlando, FL, Charlotte, NC, and New York having the highest annual single-family rent price increases, while Phoenix posted the lowest annual rent price gain for the period.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 1:
FOR THE MONTH OF FEBRUARY:
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
April 6, 2023
Mortgage rates continue to trend down entering the traditional spring homebuying season. Unfortunately, those in the market to buy are facing a number of challenges, not the least of which is the low inventory of homes for sale, especially for aspiring first-time homebuyers.
Information provided by Freddie Mac.
For Week Ending March 25, 2023
Mortgage interest rates declined for the third week in a row, with the 30-year fixed rate mortgage averaging 6.32% the week ending 3/30/23, the lowest level since mid-February, according to Freddie Mac. The drop in rates has led to an increase in mortgage demand, with mortgage applications to purchase a home rising 2% from the previous week, marking the fourth consecutive week home purchase applications increased, according to the Mortgage Bankers Association.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 25:
FOR THE MONTH OF FEBRUARY:
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
March 30, 2023
Economic uncertainty continues to bring mortgage rates down. Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers.
Information provided by Freddie Mac.
1549 Livingston Avenue
Suite 109
West St Paul, MN 55118
651-455-8858