Twin Cities Real Estate – the Big News right now is interest rates! ….FROM MINNEAPOLIS AREA REALTORS®…”Mortgage rates have surged recently, jumping to 4.42% the week ending March 24, up more than a quarter of a percentage point compared to the previous week, Freddie Mac reports.
Rates have increased 1.2% since January and are at the highest level in more than 3 years, with the typical homebuyer now spending $250 more per month to purchase a home, according to the National Association of REALTORS®.
In the Twin Cities region, for the week ending March 26:
• New Listings decreased 12.8% to 1,366
• Pending Sales decreased 12.8% to 1,178
• Inventory decreased 13.7% to 4,839