Rising mortgage interest rates are taking a toll on borrowers, having increased more than 1.5 points since the beginning of the year, the fastest three-month rate increase since 1994, according to Freddie Mac. The recent surge in mortgage rates has caused a decline in mortgage demand, with the Mortgage Bankers Association (MBA) reporting the Refinance Index is down 62% compared to a year ago, while the unadjusted Purchase Index is 6% lower compared to this time last year.

In the Twin Cities region, for the week ending April 9:

• New Listings decreased 13.8% to 1,503
• Pending Sales increased 3.3% to 1,326
• Inventory decreased 12.1% to 4,990

For the month of March:

• Median Sales Price increased 7.8% to $353,950
• Days on Market decreased 10.3% to 35
• Percent of Original List Price Received increased 0.8% to 102.7%
• Months Supply of Homes For Sale remained flat at 1.0

FULL REPORT