Following a brief decline recently, mortgage interest rates are on the rise again, as the average 30-year fixed-rate mortgage jumped to 4.27% for the week ending March 11, the highest level since May 2019, according to the Mortgage Bankers Association. Mortgage rates are now a full percentage point higher than this time last year and continue to impact mortgage demand, in particular refinance applications, which were down 49% compared to the same week one year ago.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 12:
- New Listings decreased 10.1% to 1,313
- Pending Sales decreased 6.5% to 1,174
- Inventory decreased 14.0% to 4,671
FOR THE MONTH OF FEBRUARY:
- Median Sales Price increased 8.3% to $340,000
- Days on Market decreased 8.7% to 42
- Percent of Original List Price Received increased 0.7% to 100.8%
- Months Supply of Homes For Sale decreased 20.0% to 0.8
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.