July 14, 2022
Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags. With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers, affordability remains the main obstacle to homeownership for many Americans.
Information provided by Freddie Mac.
For Week Ending July 2, 2022
According to the U.S. Census Bureau, Baby Boomers own 32 million homes, accounting for more than 40% of homes owned nationwide. As the second largest population group continues to age and transitions to other housing options, the Mortgage Bankers Association predicts more than 4 million existing homes will hit the market annually over the next decade, boosting supply and helping to meet the growing homeownership demand of younger generations.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 2:
FOR THE MONTH OF MAY:
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
July 7, 2022
Over the last two weeks, the 30-year fixed-rate mortgage dropped by half a percent, as concerns about a potential recession continue to rise. While the drop provides minor relief to buyers, the housing market will continue to normalize if home price growth materially slows due to the combination of low housing affordability and an expected economic slowdown.
Information provided by Freddie Mac.
For Week Ending June 25, 2022
Skyrocketing rents and surging homeownership costs are forcing many prospective buyers to remain in the rental market. With the national median existing-home price recently exceeding $400,000, and assuming a down payment of 3.5%, buyers would need to come up with $14,000 down toward the typical median-priced home. That’s a significant challenge for millions of renters, whom have a median savings of $1,500 or less, according to Harvard researchers’ State of the Nation’s Housing 2022 report.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 25:
FOR THE MONTH OF MAY:
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
June 30, 2022
The rapid rise in mortgage rates has finally paused, largely due to the countervailing forces of high inflation and the increasing possibility of an economic recession. This pause in rate activity should help the housing market rebalance from the breakneck growth of a seller’s market to a more normal pace of home price appreciation.
Information provided by Freddie Mac.
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All information deemed reliable but not guaranteed and should be independently verified.