April 18, 2019
After dropping dramatically in late March, mortgage rates have modestly increased since then. While this week marks the third consecutive week of rises, purchase activity reached a nine-year high – indicative of a strong spring homebuying season.
Information provided by Freddie Mac.
For Week Ending April 6, 2019
New listings finally started to perk up across the nation last week, effectively launching residential real estate into the springtime selling season. Much has been said and written about the slow launch of new homes for sale in what was anticipated to be a year of rising inventory. Mother Nature has had different plans so far in several markets, adding another burst of winter weather in April that may spoil an otherwise promising start to the second quarter of 2019.
In the Twin Cities region, for the week ending April 6:
For the month of March:
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
April 11, 2019
Rates moved up slightly this week while mortgage applications decreased following last week’s jump in rates – indicating borrower sensitivity to changing mortgage rates. Despite the recent rise, we expect mortgage rates to remain low, in line with the low 10-year treasury yields, boosting homebuyer demand in the next few months.
Information provided by Freddie Mac.
For Week Ending March 30, 2019
The national unemployment rate held firm at 3.8 percent for the second month in a row, which is good news for an economy that has shown signs of slowing down during the first three months of 2019. Hiring and wage gains have both been below expectations, retail sales dropped considerably to close 2018, and there have been fewer home sales across the nation. Maintaining a historically low unemployment rate is reassuring and may offer confidence to many wary and weary consumers.
In the Twin Cities region, for the week ending March 30:
For the month of February:
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
April 4, 2019
Purchase mortgage application demand saw the second highest weekly increase over the last year and thanks to a spike in refinancing activity, overall mortgage demand rose to the highest level since the fall of 2016. While the housing market has faced many head winds the last few months, it sailed through the turbulence to calmer seas with demand buttressed by a strong labor market and low mortgage rates. The benefits of the decline in mortgage rates that we’ve seen this year will continue to unfold over the next few months due to the lag from changes in mortgage rates to market sentiment and ultimately home sales.
Information provided by Freddie Mac.
