Mortgage giant Freddie Mac reported this week that rates on a 30-year fixed-rate mortgage averaged 2.79% with .7 points. That is up slightly from the record lows seen last week, but almost one percent lower than the same week a year ago.
Rates are expected to increase slightly this year, with the National Association of REALTORS® expecting rates to average 3.1 percent in 2021, and the Mortgage Bankers Association estimating an average of 3.3 percent.
In the Twin Cities region, for the week ending January 16:
• New Listings increased 0.8% to 929
• Pending Sales increased 7.4% to 815
• Inventory decreased 40.2% to 5,125
For the month of December:
• Median Sales Price increased 10.0% to $307,000
• Days on Market decreased 30.4% to 39
• Percent of Original List Price Received increased 2.5% to 99.7%
• Months Supply of Homes For Sale decreased 41.2% to 1.0