Homebuyers felt a tinge of relief recently as mortgage rates softened somewhat, with the 30-year fixed-rate mortgage falling from 5.7% to 5.3% the week ending July 7, the biggest one week decline since 2008, according to Freddie Mac. Over the past two weeks mortgage rates have dropped by half a percent, making homebuying about 5% more affordable than last month and saving buyers approximately $100 in monthly mortgage payments, according to the National Association of REALTORS®.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 9:
- New Listings decreased 18.3% to 1,481
- Pending Sales decreased 19.0% to 931
- Inventory increased 12.0% to 8,123
FOR THE MONTH OF JUNE:
- Median Sales Price increased 8.6% to $380,000
- Days on Market increased 5.0% to 21
- Percent of Original List Price Received decreased 0.8% to 103.3%
- Months Supply of Homes For Sale increased 23.1% to 1.6
All comparisons are to 2021
July 14, 2022
Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags. With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers, affordability remains the main obstacle to homeownership for many Americans.
Information provided by Freddie Mac.