September 5, 2024
Mortgage rates remained flat this week as markets await the release of the highly anticipated August jobs report. Even though rates have come down over the summer, home sales have been lackluster. On the refinance side however, homeowners who bought in recent years are taking advantage of declining mortgage rates in order to lower their monthly payments.
Information provided by Freddie Mac.
For Week Ending August 24, 2024
U.S. housing starts fell 6.8% month-over-month and 16.0% year-over-year to a seasonally adjusted annual rate of 1,238,000 units, according to the U.S. Census Bureau. Building permits also declined as of last measure, sliding 4% month-over-month to a seasonally adjusted annual rate of 1,396,000 units. Analysts say Hurricane Beryl, along with elevated interest rates in July, likely impacted construction activity.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 24:
FOR THE MONTH OF JULY:
All comparisons are to 2023
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
August 29, 2024
Mortgage rates fell again this week due to expectations of a Fed rate cut. Rates are expected to continue their decline and while potential homebuyers are watching closely, a rebound in purchase activity remains elusive until further declines are seen.
Information provided by Freddie Mac.
For Week Ending August 17, 2024
The number of homes for sale continues to improve nationwide, marking the ninth straight month of growth. According to Realtor.com’s July 2024 Monthly Housing Market Trends Report, there were 36.6% more homes on the market in July compared to the same period last year. Prospective buyers, especially first-time homebuyers, will be pleased to know the growth in homes priced between $200,000 – $350,000 jumped 47.3% year-over-year, outpacing all other price categories.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 17:
FOR THE MONTH OF JULY:
All comparisons are to 2023
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
August 22, 2024
Although mortgage rates have stayed relatively flat over the past couple of weeks, softer incoming economic data suggest rates will gently slope downward through the end of the year. Earlier this month, rates plunged and are now lingering just under 6.5 percent, which has not been enough to motivate potential homebuyers. Rates likely will need to decline another percentage point to generate buyer demand.
Information provided by Freddie Mac.
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All information deemed reliable but not guaranteed and should be independently verified.