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Posts from April 9th, 2021

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April 9th, 2021 by

Outbuilding Options - Twin Cities - Counselor Realty

Spring Market

As the spring market is in full swing and home prices are ticking up, mortgage rates have moved higher in recent weeks as well. Freddie Mac reports that the national average rate for a 30-year fixed-rate mortgage rose to 3.17% with an average of .6 points. While rates are still below the average of 3.5% for the same week last year, the year over year comparison has been tightening in recent weeks.

Recent Twin Cities Market Changes

-3.8%

+15.5%

-49.0%

Change in New Listings

Change in Pending Sales

Change in Inventory

For the week ending March 27, 2021. All comparisons are to 2020.

~Provided by the Minneapolis Area Association of REALTORS®.

    Mortgage Rates

    During the course of the pandemic, 'home' has become more important than ever. As a result, strong purchase demand continues—but buyers also outnumber the sellers. Since January, mortgage rates have increased half a percentage point from historic lows and home prices have risen, leaving potential homebuyers with less purchasing power. Unfortunately, this has disproportionately affected the low end of the market, where supply is the slimmest.

    ~Provided by www.freddiemac.com 03-25-21

    Categories: Twin Cities

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