332 2nd Street - Excelsior, MN 55331

Office #: (952) 474-0894

332 2nd Street - Excelsior, MN 55331

Office #: (952) 474-0894

Direct #: (612) 701-7404

February Monthly Skinny Video

Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of last measure, but affordability constraints continue to limit homebuyer activity overall, with existing-home sales declining for the twelfth consecutive month, according to the National Association of Realtors® (NAR).

Mortgage Rates Pull Back

March 16, 2023
Mortgage rates are down following an increase of more than half a percent over five consecutive weeks. Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term. During times of high mortgage rate volatility, homebuyers would greatly benefit from shopping for additional rate quotes. Our research concludes that homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among multiple lenders.

Information provided by Freddie Mac.

Mortgage Rates Continue Their Upward Trajectory

March 9, 2023
Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy. Overall, consumers are spending in sectors that are not interest rate sensitive, such as travel and dining out. However, rate-sensitive sectors, such as housing, continue to be adversely affected. As a result, would-be homebuyers continue to face the compounding challenges of affordability and low inventory.

Information provided by Freddie Mac.

Mortgage Rates Trend Up

February 23, 2023
The economy continues to show strength, and interest rates are repricing to account for the stronger than expected growth, tight labor market and the threat of sticky inflation. Our research shows that rate dispersion increases as mortgage rates trend up. This means homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among lenders to find a better rate.

Information provided by Freddie Mac.

Mortgage Rates Increase Slightly

February 9, 2023
Following an interest rate hike from the Federal Reserve and a surprisingly strong jobs report, mortgage rates increased slightly this week. The 30-year fixed-rate continues to hover close to six percent, and interested homebuyers are easing their way back to the market just in time for the spring homebuying season.

Information provided by Freddie Mac.

Mortgage Rates Continue to Shift Down

February 2, 2023
Mortgage rates inched down again, with the 30-year fixed-rate down nearly a full point from November, when it peaked at just over seven percent. According to Freddie Mac research, this one percentage point reduction in rates can allow as many as three million more mortgage-ready consumers to qualify and afford a $400,000 loan, which is the median home price.

Information provided by Freddie Mac.

Mortgage Rates Trend Down

January 26, 2023
Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market. Potential homebuyers remain sensitive to changes in mortgage rates, but ample demand remains, fueled by first-time homebuyers.

Information provided by Freddie Mac.

Mortgage Rates Continue to Decrease

January 19, 2023
As inflation continues to moderate, mortgage rates declined again this week. Rates are at their lowest level since September of last year, boosting both homebuyer demand and homebuilder sentiment. Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern.

Information provided by Freddie Mac.