Tag: Mortgage Rates
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Remodeling activity builds momentum
With mortgage rates remaining elevated and many would-be sellers still “locked in” to loans well below today’s rates, a growing number of households are choosing not to move at all. Instead, they’re staying put and investing in the homes they already have. According to the National Association of Home Builders (NAHB), remodeler sentiment has remained… Read More
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Housing market stalls as rates remain stubborn, prices hold
The U.S. housing market struggled to gain traction last year, as high mortgage rates and a lack of inventory kept both buyers and sellers primarily on the sidelines. Despite brief flashes of activity, the year was defined by hesitation and affordability pressures that froze movement across much of the market. Mortgage rates fall slightly, still… Read More
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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
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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
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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
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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
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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
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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
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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
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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
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