Rising mortgage interest rates are taking a toll on borrowers, having increased more than 1.5 points since the beginning of the year, the fastest three-month rate increase since 1994, according to Freddie Mac. The recent surge in mortgage rates has caused a decline in mortgage demand, with the Mortgage Bankers Association (MBA) reporting the Refinance Index is down 62% compared to a year ago, while the unadjusted Purchase Index is 6% lower compared to this time last year.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 9:
- New Listings decreased 13.8% to 1,503
- Pending Sales increased 3.3% to 1,326
- Inventory decreased 12.1% to 4,990
FOR THE MONTH OF MARCH:
- Median Sales Price increased 7.8% to $353,950
- Days on Market decreased 10.3% to 35
- Percent of Original List Price Received increased 0.8% to 102.7%
- Months Supply of Homes For Sale remained flat at 1.0
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.