The average rate on a 30-year mortgage fell to 6.73% the week ending August 1, 2024, the lowest level since early February, according to Freddie Mac. As a result, mortgage applications increased 6.9% on a seasonally adjusted basis from the previous week, boosted by a surge in refinance applications, which jumped 16%, while purchase applications rose 1%, per the Mortgage Bankers Association’s Weekly Applications Survey.
In the Twin Cities region, for the week ending August 3:
•New Listings decreased 0.2% to 1,440
•Pending Sales decreased 0.4% to 1,052
•Inventory increased 12.8% to 9,511
For the month of June:
•Median Sales Price increased 1.8% to $390,000
•Days on Market increased 12.9% to 35
•Percent of Original List Price Received decreased 1.2% to 100.1%
•Months Supply of Homes For Sale increased 19.0% to 2.5