Weekly Market Report
For Week Ending October 8, 2022
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXMortgage application activity nationwide recently dropped to its lowest pace in 25 years, according to the Mortgage Bankers Association (MBA), with purchase and refinance applications down considerably compared to this time last year, when mortgage rates were hovering around 3%. The sharp increase in rates has caused mortgage applications for purchase to decline 39% compared to the same week a year ago.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 8:
- New Listings decreased 16.8% to 1,260
- Pending Sales decreased 40.2% to 812
- Inventory increased 1.7% to 8,959
FOR THE MONTH OF SEPTEMBER:
- Median Sales Price increased 6.3% to $362,100
- Days on Market increased 39.1% to 32
- Percent of Original List Price Received decreased 2.3% to 98.9%
- Months Supply of Homes For Sale increased 18.8% to 1.9
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Rise for the Sixth Consecutive Week
The uncertainty and volatility in financial markets is heavily impacting mortgage rates. Our survey indicates that the range of weekly rate quotes for the 30-year fixed-rate mortgage has more than doubled over the last year. This means that for the typical mortgage amount, a borrower who locked-in at the higher end of the range would pay several hundred dollars more than a borrower who locked-in at the lower end of the range. The large dispersion in rates means it has become even more important for homebuyers to shop around with different lenders.
Freddie Mac PMMS
New Listings and Pending Sale Data
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Market Report 1
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Greeting 20220521
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Excerpt 1 2022-05-20
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Excerpt 2 2022-05-20
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Large Article #2 2022-5-8
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