November 29, 2018
Mortgage rates stabilized the last couple of months as interest rate sensitive sectors such as new auto and home sales softened the outlook for the economy. Homebuyers pounced on the stability in rates as purchase mortgage applications increased, which indicates that despite higher mortgage rates this year there are buyers on the fence waiting for the right time to buy.
Information provided by Freddie Mac.
“A trend of market balance is emerging as we approach the end of 2018.”
For Week Ending November 17, 2018
Sales and new listings continue to perform well in much of the nation thanks to a booming economy. Housing affordability remains a concern and is beginning to affect new single-family home construction. Builders are showing caution in the face of rising home prices and mortgage rates. Historically, housing can still be considered relatively affordable, but affordability measures have shown decline for several years. If this continues, it could negate recent gains in inventory.
In the Twin Cities region, for the week ending November 17:
For the month of October:
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
November 21, 2018
The downward spiral in oil prices and a volatile equities market caused mortgage rates to decline 13 basis points to 4.81 percent, the largest weekly drop since January 2015. Mortgage rates are the lowest since early October and the dip offers a window of opportunity for would be buyers that have been on the fence waiting for a drop in mortgage rates.
Information provided by Freddie Mac.
For Week Ending November 10, 2018
The Bureau of Labor Statistics recently reported that the unemployment rate for October 2018 remained unchanged from the prior month at 3.7 percent. Low unemployment has been one of many positive outcomes during a strong U.S. economy. Real estate has also been a benefactor of recent economic strength, as cranes dot U.S. skylines and median sales prices have increased in most residential real estate markets for several years. Gainful employment is important in order for these conditions to continue.
In the Twin Cities region, for the week ending November 10:
For the month of October:
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.