September 17, 2020
Despite the recession, the very low mortgage environment has spurred many first-time homebuyers to jump into the real estate market. In August, first-time homebuyer activity rose 19 percent from July to the highest monthly level ever for Freddie Mac. The first-time homebuyer driven rebound in the housing market has come at a critical time for the economy.
Information provided by Freddie Mac.
Strong buyer activity continues into the back-to-school season that normally signals the seasonal slowing of the housing market. With more buyers in the market and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep agents and prospective homebuyers and sellers quite busy this fall.
In the Twin Cities region, for the week ending September 5:
For the month of July:
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
September 10, 2020
Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery. These low rates have ignited robust purchase demand activity, which is up twenty-five percent from a year ago and has been growing at double digit rates for four consecutive months. However, heading into the fall it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales activity.
Information provided by Freddie Mac.
Mortgage rates continue to remain near all-time lows. This week, mortgage giant Freddie Mac reported that average rates on a 30-year fixed-rate mortgage were 2.91% with an average of .8 points, just slightly above the record-low rate of 2.88% recorded earlier in the month. The Federal Reserve has announced that they will be adopting a more flexible monetary policy in an effort to achieve inflation that averages 2% over time, which is likely to keep mortgage rates low and provide further support to economic activity for an extended period of time.
In the Twin Cities region, for the week ending August 29:
For the month of July:
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
“Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates.”
For Week Ending October 12, 2019
In the last month, mortgage rates have fallen to their lowest monthly average in more than three years, and now Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020. These historically low mortgage rates have and will continue to support buyer demand and may create additional lift to home prices as lower financing costs give buyers the ability to offer more to secure their dream home.
In the Twin Cities region, for the week ending October 12:
For the month of September:
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Licensed In Minnesota
All information deemed reliable but not guaranteed and should be independently verified.
