The 30-year fixed-rate mortgage barely inched up this week, continuing the summer trend of essentially being flat.
While sales and price growth have softened these last few months, this leveling of rates may be helping more buyers reach the market. Purchase mortgage applications this week were once again modestly above year ago levels.
Information provided by Freddie Mac.
For Week Ending August 18, 2018
It has been another busy summer for residential real estate. The lower supply, higher prices, faster sales mantra has remained in place for most of the nation for the entirety of the year – which heightened in intensity during the summer sales season – but there has been some conversation about the possibility of more supply and lower prices. Presently, it is just conversation, as the numbers are not reflective of a shift in trend lines anytime soon.
In the Twin Cities region, for the week ending August 18:
For the month of July:
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage rates inched backward this week to their lowest level since mid-April.
Backed by very strong consumer spending, the economy is red-hot this month, which is in turn rippling through the financial markets and driving equities higher.
Unfortunately, the same cannot be said about the housing market, where it appears sales activity crested in late 2017. Existing-home sales have now stepped back annually for the fifth straight month, and purchase mortgage applications this week were barely above year ago levels.
“The chatter about housing price bubbles have increased this summer as observers attempt to predict the next shift in the residential real estate market.”
For Week Ending August 11, 2018
The U.S. housing market is becoming a tale of regions. Consumers in high-priced markets in the West are pushing back with fewer showings and sales. The Midwest is marked mostly by stability of new listings and sales with gently improving inventory. Many Northeast markets have routinely struggled to keep pace with the overall U.S. economic recovery. And the South is enjoying more showings and sales than the rest of the nation. Here’s what’s happening in the local market.
In the Twin Cities region, for the week ending August 11:
For the month of July:
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.