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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.
For Week Ending April 29, 2023
Homeownership remains a key driver to building wealth. According to a recent report from the National Association of REALTORS®, middle-class homeowners saw the median value of their homes appreciate $122,070, or 68%, over the last decade. Meanwhile, lower income homeowners saw a 75% gain in the median value of their homes, with an increase of $98,910 in wealth solely from home price appreciation, while upper income homeowners saw an increase of $150,810 in wealth from their homes in the last 10 years.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 29:
FOR THE MONTH OF MARCH:
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
May 4, 2023
This week, mortgage rates inched down slightly amid recent volatility in the banking sector and commentary from the Federal Reserve on its policy outlook. Spring is typically the busiest season for the residential housing market and, despite rates hovering in the mid-six percent range, this year is no different. Interested homebuyers are acclimating to the current rate environment, but the lack of inventory remains a primary obstacle to affordability.
Information provided by Freddie Mac.
For Week Ending April 22, 2023
A lack of existing-home supply has allowed U.S. homebuilders to capture a near-record share of housing inventory. According to the National Association of Home Builders (NAHB) Chief Economist Robert Dietz, one-third of current housing supply is new construction, far above the historical norm of 10%. With only 2.6 months’ of existing-home supply as of last measure, prospective buyers have been increasingly turning to the new home market, which, along with builders’ use of sales incentives, have helped support new home sales in recent months.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 22:
FOR THE MONTH OF MARCH:
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
April 27, 2023
The 30-year fixed-rate mortgage increased modestly for the second straight week, but with the rate of inflation decelerating rates should gently decline over the course of 2023. Incoming data suggest the housing market has stabilized from a sales and house price perspective. The prospect of lower mortgage rates for the remainder of the year should be welcome news to borrowers who are looking to purchase a home.
Information provided by Freddie Mac.