The 30-year mortgage rate fell 6 basis points to 4.1 percent. Since the beginning of the year, the 10-year Treasury yield has covered a 22 basis point range. The range of movement for the 30-year has been half that, just 11 basis points.
For Week Ending February 18, 2017
In much of the country, both new and existing home sales increased in January. At the same time, prices continue to rise in year-over-year comparisons, and the number of homes available for sale remains quite low. The low inventory situation and affordability crunch is particularly hard on first-time buyers, leaving some properties available for landlord buyers with more available funds for investment.
In the Twin Cities region, for the week ending February 18:
For the month of January:
All comparisons are to 2016
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
In a short week following Presidents Day, the 10-year Treasury yield fell about 8 basis points. However, the 30-year mortgage rate rose 1 basis point to 4.16 percent. This week’s survey once again displays the disconnect between mortgage rates and Treasury yields, a result of continued uncertainty.
For Week Ending February 11, 2017
The total supply of homes for sale at this early juncture of 2017 coupled with the relative low affordability of those homes have made the market interesting to watch. The combination of broad personal financial situations is particularly pronounced among millennials celebrating their prime home-buying years. While some individuals may have a decent amount of money saved up for a home purchase, others have educational debt, lowering their maximum affordability price. Being aware of this situational variety will help both lenders and agents.
In the Twin Cities region, for the week ending February 11:
For the month of January:
All comparisons are to 2016
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
