Mortgage interest rates fell slightly following the Federal Reserve’s recent decision to raise its benchmark short-term interest rate by a quarter percentage point this month, its 10th interest rate hike since March 2022. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.39% the week ending 5/4/23, up from 5.27% a year ago. Many economists expect mortgage interest rates will continue to soften over the year due to cooling inflation.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 6:
- New Listings decreased 18.2% to 1,533
- Pending Sales decreased 23.4% to 1,096
- Inventory increased at 6,325
FOR THE MONTH OF MARCH:
- Median Sales Price remained flat at $355,000
- Days on Market increased 65.7% to 58
- Percent of Original List Price Received decreased 4.0% to 98.6%
- Months Supply of Homes For Sale increased 36.4% to 1.5
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.