In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points. The 30-year mortgage rate declined 8 basis points to 3.48 percent. This week’s survey rate is the lowest since May 2013 and only 17 basis points above the all-time low recorded in November 2012. This extremely low mortgage rate should support solid home sales and refinancing volume this summer.
For Week Ending June 18, 2016
Like summer temperatures, home prices continue to inch up in most housing categories and geographic submarkets. Meanwhile, hopeful buyers are wishing for more options to fulfill the perfect fit. As we reach deeper into summer, dips in home sales are not unexpected. Even while people search for homes in which to move or start a family, summer is also about family time in other ways.
In the Twin Cities region, for the week ending June 18:
For the month of May:
All comparisons are to 2015
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage rates have been slow to adjust to the 10-year Treasury yield, which has increased 12 basis points since last week. This week’s survey shows the 30-year fixed rate inching up to 3.56 percent, only 2 basis points above last week’s average. The low rates continue to be good news for the housing market.
For Week Ending June 11, 2016
The pace of new homes being built is slower than necessary to keep inventory figures up, especially in a time with plenty of demand. However, building permits are active and low mortgage rates continue to provide opportunity for the residential real estate market to continue to be a pillar of the national economic profile.
In the Twin Cities region, for the week ending June 11:
For the month of May:
All comparisons are to 2015
Click here for the full Weekly Market Activity Report. From The Skinny Blog.