Mortgage rates have been holding steady over the past two months. The U.S. weekly average 30-year fixed mortgage rate was 4.42 percent in this week’s survey. Rates have bounced around 4.4 percent since mid-February. Rates could break out and head higher if inflation continues to firm.
For Week Ending March 31, 2018
Climbing out of winter has taken more time than usual for much of the U.S., but house hunting should finally be taking center stage for many buyers. Quickly assessing what’s available for sale will be key for buyers in what is sure to be another competitive selling season. Buyers and sellers must watch for further mortgage rate increases and volatile economic indicators like a jumpy stock market and chilly relations with international trade partners, which can cause shifts in local housing markets.
In the Twin Cities region, for the week ending March 31:
For the month of February:
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
After dropping earlier this week on trade-related anxiety in financial markets, the benchmark 10-year Treasury stabilized on Wednesday, but at a level slightly lower than from the start of last week. Mortgage rates followed and fell for the second consecutive week; the U.S. weekly average 30-year fixed mortgage was 4.4 percent in the Primary Mortgage Market Survey® (PMMS®) this week. Though rates on the 30-year fixed mortgage are up 0.3 percentage points from the same week a year ago, a robust labor marking is helping home purchase demand weather modestly higher rates.
For Week Ending March 24, 2018
In general, housing markets are performing rather well across the country and locally. While some measures may show year-over-year declines at times, the truth of the matter is that showings are plentiful, buyers are eagerly searching for homes to purchase and good properties are exchanging hands whether or not the overall inventory situation is less than favorable or mortgage rates go up a quarter percent.
In the Twin Cities region, for the week ending March 24:
For the month of February:
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Treasury yields fell from a week ago helping to drive mortgage rates modestly lower. The yield on the 10-year Treasury dipped below 2.8 percent for the first time since early February of this year. The decline in Treasury yields comes as investors move into safer assets amid increased trade tensions. Following Treasurys, mortgage rates fell slightly. The U.S. weekly average 30-year fixed mortgage rate fell 1 basis point to 4.44 percent in this week’s survey.
