Author Archives: Pat Delaney

Mortgage Rates Head Higher

Posted on Pat Delaney Leave a comment Posted in Interest Rates
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Freddie Mac’s March 12 release of the results of its Primary Mortgage Market Survey® (PMMS®) shows average fixed mortgage rates moving higher amid a strong jobs report and bringing mortgage rates back to where they were at the start of 2015. The 30-year fixed-rate mortgage has averaged below 4 percent since the week ending November 13, 2014. 

Weekly Market Report

Posted on Pat Delaney Posted in Weekly Report

For Week Ending February 28, 2015

Across the country, some Fortune 500 companies have been raising their
minimum wage. How does this correlate to the housing industry? Mo’ money =
mo’ house-buying powerz. Coupled with the dismantled idea that aging
millennials want to remain at home forever (because, come on, really?), the
housing market is making inroads into two factors that have plagued the buyer
market in recent years. Warmer weather sure can’t hurt either.

In the Twin Cities region, for the week ending February 28:

  • New Listings increased 23.0% to 1,532
  • Pending Sales increased 21.0% to 1,076
  • Inventory decreased 2.2% to 12,690

For the month of February:

  • Median Sales Price increased 10.4% to $202,000
  • Days on Market increased 7.1% to 106
  • Percent of Original List Price Received increased 0.6% to 94.1%
  • Months Supply of Inventory remained flat at 3.0

All comparisons are to 2014

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Weekly Market Report

Posted on Pat Delaney Posted in Weekly Report

For Week Ending February 21, 2015

Rumors that Fannie Mae and Freddie Mac could one day be a thing of the past have people wondering about the future of the 30-year fixed-rate mortgage. But let’s not sound the alarm just yet. A drastic change to lending’s gold standard is certainly not on the immediate horizon. Meanwhile, Federal Reserve Chair Janet Yellen seems to have no immediate interest in raising interest rates for the first time since 2006. The economy remains stable for the time being, which should keep housing rolling through the short-named months.

In the Twin Cities region, for the week ending February 21:

  • New Listings increased 29.8% to 1,365
  • Pending Sales increased 36.4% to 981
  • Inventory decreased 3.0% to 12,570

For the month of January:

  • Median Sales Price increased 8.5% to $195,000
  • Days on Market increased 7.5% to 100
  • Percent of Original List Price Received increased 0.2% to 93.7%
  • Months Supply of Inventory increased 3.4% to 3.0

All comparisons are to 2014

Click here for the full Weekly Market Activity Report. From The Skinny Blog.