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Wednesday October 4, 2023

THE MINNESOTA HOUSING INDUSTRY NEWS SOURCE BY HOUSING FIRST MINNESOTA

Tag: Mortgage Rates

  • Homebuilder confidence falls amidst rising mortgage rates

    Homebuilder confidence falls amidst rising mortgage rates

    Builder confidence is falling, and the housing market is beginning to reflect it. In August, builder confidence fell 6 points, followed by another 5-point drop in September. Read More

  • Federal Reserve raises rates, suggests a pause in hikes 

    Federal Reserve raises rates, suggests a pause in hikes 

    Throughout much of the spring, the housing market slowed to a pace not seen since before the pandemic began. Buyers have continued to pause their home searches due to overall economic uncertainties and continued increases in interest rates.  The Federal Reserve began raising rates last year in an attempt to put pressure on the overheated… Read More

  • Mortgage rates rise again

    Mortgage rates rise again

    The housing market over the last few years can largely be described as a fiercely competitive environment that was fueled by historically low interest rates and little available inventory across much of the metro and state. However, the second half of 2022 marked a shift in buying activity as the Federal Reserve began to raise… Read More

  • Home Price Growth Stagnates as Rates Dampen Market Activity

    Home Price Growth Stagnates as Rates Dampen Market Activity

    Higher mortgage rates and overall affordability woes are leading to drop off in activity in the Twin Cities housing market on both the buyer and seller ends of the spectrum. Consequently, the median home price in the metro area saw a minute 0.6 percent growth to $342,000 in February. Moreover, the overall housing market is… Read More

  • Despite Headwinds, Builder Confidence Grows in February
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    Despite Headwinds, Builder Confidence Grows in February

    Homebuilder sentiment rose for the second consecutive month, according to the latest report from the National Association of Homebuilders. Builder confidence in the market increased seven points in February to 42 – the second strongest reading since September 2022. This latest report, driven by softening mortgage rates and increasing demand for inventory, comes despite rising… Read More

  • Higher mortgage rates sidelined buyers in 2022

    Higher mortgage rates sidelined buyers in 2022

    According to new data from Minneapolis Area REALTORS® and the St. Paul Area Association of REALTORS®, the Twin Cities housing market last year was a tale of two markets. The first half of 2022 reflected much of the all-out frenzied feeling of the previous year and a half. Fierce and competitive buyer activity with multiple… Read More

  • National median mortgage payment hits new high

    National median mortgage payment hits new high

    The national median mortgage payment continued to climb in October. According to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI), the national median payment applied for by applicants increased 3.7% in October to $2,012 from $1,941 in September.  “Prospective homebuyers continued to feel the effects of higher mortgage rates in October, with the… Read More

  • Housing inventory remains low even as housing market shifts

    Housing inventory remains low even as housing market shifts

    Across the country rising mortgage rates and inflation have had a stifling impact on the housing market. It is no surprise when considering that from the start of the year, mortgage rates have more than doubled, increasing from 3% in January to rates now over 6% this fall. Permits for new single-family homes have fallen… Read More

  • Not all housing markets are the same

    Not all housing markets are the same

    As mortgage rates hurdled over 6% in September, the highest level on record since the Great Recession, buyers are starting to become more hesitant during their home search. Many buyers are even being completely priced out of the market. Concerns over rising interest rates, delays in project timelines, rising construction costs, labor shortages and other… Read More

  • Wait time for new homes increases

    Wait time for new homes increases

    The timeline for new home construction is becoming noticeably longer in many parts of the country. This slowdown comes at a time when new homes are in high demand as the inventory of available homes for sale shrinks to a historic low. Almost two years of supply chain disruptions prompted by the COVID-19 pandemic caused… Read More

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