Mortgage rates remained below 3% for the eighth week in a row, with Freddie Mac reporting the 30-year fixed-rate mortgage averaged 2.87% for the week ending September 2nd. Despite persistent low rates, total mortgage applications fell 1.9% compared to the previous week, according to the Mortgage Banker’s Association, with both purchase and refinance applications moderating, as a rise in new COVID-19 cases tempered economic momentum.
In the Twin Cities region, for the week ending September 4:
- New Listings decreased 16.1% to 1,470
- Pending Sales decreased 21.2% to 1,303
- Inventory decreased 17.7% to 7,913
For the month of July:
- Median Sales Price increased 11.9% to $350,000
- Days on Market decreased 53.7% to 19
- Percent of Original List Price Received increased 3.5% to 103.6%
- Months Supply of Homes For Sale decreased 30.0% to 1.4
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.