Mortgage Rates Continue to Drop

The 10-year Treasury yield fell to a new 2017-low on Tuesday. In response, the 30-year mortgage rate dropped 4 basis points to 3.82 percent, reaching a new year-to-date low for the second consecutive week. However, recent releases of positive economic data could halt the downward trend of mortgage rates.

30-Year Mortgage Rate Hits 2017 Low

The 10-year Treasury yield fell 6 basis points this week amid concerns over lagging inflation. The 30-year mortgage rate also declined for the fourth consecutive week, dropping 3 basis points to a new year-to-date low of 3.86 percent.

Weekly Market Report

For Week Ending August 12, 2017

The prevailing trends have continued to prevail through the summer, which has not really been a surprise. There have not been any jolting changes in the economy that would affect residential real estate. This includes steady news for factors such as wage growth, unemployment, new construction and mortgage rates. Every locality has its unique challenges, but housing as a whole is performing as expected.

In the Twin Cities region, for the week ending August 12:

  • New Listings increased 1.2% to 1,668
  • Pending Sales decreased 8.0% to 1,195
  • Inventory decreased 17.1% to 12,576

For the month of July:

  • Median Sales Price increased 5.9% to $254,000
  • Days on Market decreased 16.7% to 45
  • Percent of Original List Price Received increased 0.8% to 99.2%
  • Months Supply of Inventory decreased 19.4% to 2.5

All comparisons are to 2016

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Mortgage Rates Drop Again

Following a mild decline last week, the 10-year Treasury yield rose 1 basis point this week. The 30-year mortgage rate similarly remained relatively flat, falling just 1 basis point to 3.89 percent. Mortgage rates are continuing to hold at low levels amidst ongoing economic uncertainty.

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JOE KASEL
Sales Executive
612-532-1177
Joe@KaselHomes.com

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