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Twin Cities Mortgage Rates Fall

Brace Helgeson

Good news for those looking to buy a home in the Twin Cities. The long-term average mortgage rate in the U.S. fell last week. This comes after it reached a high for the year. According to mortgage giant Freddie Mac, the average rate for a 30-year fixed-rate mortgage fell to 4.04 percent last week, down from 4.09 percent the previous week. The average rate of a 15-year fixed-rate mortgage fell to 3.21 percent, down from 3.25 percent the week prior.

Recent data from the National Association of Realtors showed that Americans bought homes last month, at the fastest rate we have seen in nearly eight years. As a result, we have seen prices increasing as buyer demand is high, and the inventory of available homes remains low.

Many economists are predicting that the Federal Reserve will begin increasing rates later in the year. Now is the time to buy or sell a home in the Twin Cities.

If you are looking to buy or sell a home contact me. Our group specializes inEden Prairie Real Estate,Chanhassen Real Estate,Chaska Real Estate, Lake Minnetonka Real Estate,Edina Real Estate andWest Bloomington Real Estate.

Brace Helgeson Coldwell Banker Burnet

Licensed in Minnesota/Lic # 92065

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