February 9, 2023
Following an interest rate hike from the Federal Reserve and a surprisingly strong jobs report, mortgage rates increased slightly this week. The 30-year fixed-rate continues to hover close to six percent, and interested homebuyers are easing their way back to the market just in time for the spring homebuying season.
Information provided by Freddie Mac.
For Week Ending January 28, 2023
U.S. housing starts declined in 2022, as homebuilders scaled back production due to high construction costs, affordability challenges, and a pullback in buyer demand. According to the U.S. Census Bureau, 1.55 million homes were started last year, a 3% drop from the previous year, and the first annual decline since 2009. However, housing completions increased, with 1.39 million homes completed in 2022, a 3.8% increase from the previous year, when 1.34 million homes were completed.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 28:
FOR THE MONTH OF DECEMBER:
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
February 2, 2023
Mortgage rates inched down again, with the 30-year fixed-rate down nearly a full point from November, when it peaked at just over seven percent. According to Freddie Mac research, this one percentage point reduction in rates can allow as many as three million more mortgage-ready consumers to qualify and afford a $400,000 loan, which is the median home price.
Information provided by Freddie Mac.
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All information deemed reliable but not guaranteed and should be independently verified.