October 3, 2019
While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over fifty percent from a year ago thanks to increases in both refinance and purchase mortgage applications. As economic growth decelerates, it is clear that low mortgage rates will continue to support the mortgage market and we expect that to persist for the remainder of the year.
Information provided by Freddie Mac.
For Week Ending September 21, 2019
This week the National Association of REALTORS® reported that nationally, August existing-home sales rose 2.6% from a year ago. Additionally, the Federal Reserve announced a rate cut for the second time in seven weeks, though this was widely expected and largely factored into mortgage rates already. A strong economy along with mortgage rates near their lows for the year continue to support healthy housing demand.
In the Twin Cities region, for the week ending September 21:
For the month of August:
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
September 26, 2019
With both the unemployment rate and mortgage rate below four percent and near historic lows, it is no surprise that the housing market regained momentum with home sales and construction at or near decade highs. The fall housing market is poised to continue with steady gains in prices and solid sales activity.
Information provided by Freddie Mac.
“There’s a lot of interest in the housing market and how a changing economy affects one’s position within it.”
For Week Ending September 14, 2019
With kids back in school and the weather beginning to cool, the housing market begins its annual cooldown as well. With buyer and seller activity remaining strong, it will be at a little more relaxed pace than during the late spring and summer. While Halloween decorations may be adorning stores and soon adorn the stoops of homes around the country, the real estate market this fall is looking far from scary.
In the Twin Cities region, for the week ending September 14:
For the month of August:
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
September 19, 2019
Despite the rise in mortgage rates, economic data improved this week – particularly housing activity, which gained momentum with a noticeable rise in purchase demand and new construction. Homebuyers flocked to lenders with purchase applications, which were up fifteen percent from a year ago and residential construction permits increased twelve percent from a year ago to 1.4 million, the highest level in twelve years. While there was initially a slow response to the overall lower mortgage rate environment this year, it is clear that the housing market is finally improving due to the strong labor market and low mortgage rates.
Information provided by Freddie Mac.