The Minneapolis Area Association of REALTORS released their weekly market report today with new Housing Affordability Index numbers for December 2007. The HAI of 141 is the highest we've seen in the Twin Cities since February 2005... nearly 3 years ago. Falling mortgage rates, with many brokers quoting under 6% for a 30-year fixed), and lower sales prices has improved affordability by over 10% in just 3 months! With mortgage rates and home prices down, the market is starting to look better for 1st time buyers … [Read more...]
Lack of 1st Time Buyers Hurting Twin Cities Market
September 12, 2007 by Leave a Comment
MAAR just released some statistics for August 2007. Below you will find a chart showing a comparison of housing supply between August 2006 and August 2007. While the higher price points have the most months' supply, the lower price points have seen the highest percentage increase in months' supply over the last year. What does this mean? Our market is slow because the 1st time buyer activity is slow. With all the changes in the mortgage market and the higher interest rates over summer, the 1st time buyer is … [Read more...]
Weekend Mortgage Rates
August 24, 2007 by Leave a Comment
Weekend Rates 08/24/2007-08/27/2007 Rates are effective until 9:30 AM on Monday Conventional 15 Year Fixed 5.875-6.125% 30 Year Fixed 6.25-6.50% 40 Year Fixed 6.50-6.75% 7/1 ARM 6.625-7.00% CDMP - 100%, No MI 30 Year Fixed 6.750% FHA/VA 30 Year … [Read more...]
