Tag: Mortgage Rates

  • 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

  • Building material costs impacted as demand falls from inflation

    Building material costs impacted as demand falls from inflation

    The price of construction materials for new homes continues to escalate going into summer. On top of already volatile supply chain effects still lingering from the COVID-19 pandemic, material costs are now starting to be impacted as inflation impacts most sectors of the economy. In 2021, the price of construction-related materials rose 15.9% throughout the […] Read More

  • Consumer sentiment toward homebuying plummets

    Consumer sentiment toward homebuying plummets

    It appears rising interest rates pushed consumers over the edge when it comes to whether it is a good time to buy a home. According to Fannie Mae, the Home Purchase Sentiment Index® (HPSI) decreased by 4.7 points to 68.5 in April, its lowest level since May 2020, as surveyed consumers expressed heightened concerns about […] Read More

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