The 30-year mortgage rate fell this week for the first time since the presidential election, dropping 12 basis points to 4.20 percent. This marks the first time since 2014 that mortgage rates opened the year above 4 percent. Despite this week’s breather, the 66-basis point increase in the mortgage rate since November 3, is taking its toll–the MBA’s refinance index plunged 22 percent this week.
For Week Ending December 24, 2016
As we look toward 2017, the entirety of the U.S. housing market has never been worth as much as it is right now. Housing stock value grew to $29.6 trillion in 2016, regaining all of the value that was lost during the last recession. An upward trend in mortgage rates, mortgage credit and new construction are all common predictions for 2017.
In the Twin Cities region, for the week ending December 24:
For the month of November:
All comparisons are to 2015
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
The 30-year mortgage rate rose 2 basis points to 4.32 percent, closing the year with nine consecutive weeks of increases. As mortgage rates continue to increase, home sales and affordability will continue to be a concern for housing in 2017.
For Week Ending December 17, 2016
As we begin our final descent into 2017, the total value of the housing market has hit its highest point since the early 2000s. With mortgage rates on the rise and prices still increasing in most categories and locations, lower affordability could lead to less demand. However, most real estate professionals remain optimistic about the market and excited for the year ahead.
In the Twin Cities region, for the week ending December 17:
For the month of November:
All comparisons are to 2015
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
