Mortgage rates continued their downward trend of recent weeks, as the 30-year fixed-rate mortgage averaged 6.31% the week ending 12/15, according to Freddie Mac. Mortgage rates have fallen for the past 5 weeks, declining by more than three-quarters of a percent in that time, and are at their lowest level since September. The drop in rates has resulted in an uptick in mortgage refinance demand, which increased 6% from the previous week, according to the Mortgage Bankers Association.
In the Twin Cities region, for the week ending December 17:
• New Listings decreased 11.1% to 531
• Pending Sales decreased 23.2% to 633
• Inventory increased 17.1% to 7,258
For the month of November:
• Median Sales Price increased 4.1% to $354,000
• Days on Market increased 33.3% to 40
• Percent of Original List Price Received decreased 2.6% to 97.2%
• Months Supply of Homes For Sale increased 50.0% to 1.8