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
Source: Minneapolis Area Association of Realtors
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