Mortgage Rates Continue to Fall

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March 6, 2025
As the spring homebuying season gets underway, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September. The decline in rates increases prospective homebuyers’ purchasing power and should provide a strong incentive to make a move. Additionally, this decline in rates is already providing some existing homeowners the opportunity to refinance. In fact, the refinance share of market mortgage applications released this week reached nearly 44%, the highest since mid-December.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending February 22, 2025

U.S. housing starts decreased 9.8% month-over-month to a seasonally adjusted annual rate of 1,366,000 units, according to the U.S. Census Bureau, following a larger-than-expected increase the previous month. Single-family starts fell 8.4% to a seasonally adjusted annual rate of 993,000 units, the first drop since October, while multi family starts slipped 11% to 355,000 units on a seasonally adjusted annual basis.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 22:

  • New Listings decreased 5.5% to 1,114
  • Pending Sales decreased 5.7% to 771
  • Inventory increased 0.3% to 7,049

FOR THE MONTH OF JANUARY:

  • Median Sales Price increased 5.0% to $370,000
  • Days on Market increased 17.9% to 66
  • Percent of Original List Price Received increased 0.3% to 96.9%
  • Months Supply of Homes For Sale remained flat at 1.9

All comparisons are to 2024

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Weekly Market Report

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For Week Ending February 15, 2025

The supply of homes for sale continues to improve nationwide, rising 24.6% year-over-year in January, according to Realtor®.com’s latest Monthly Housing Market Trends Report, marking the 15th consecutive month of inventory growth. Newly listed homes jumped 37.5% month-over-month and 10.8% year-over-year, bringing new listing activity to its highest January level since 2021, with the typical home spending 73 days on the market.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 15:

  • New Listings decreased 6.9% to 1,053
  • Pending Sales decreased 9.5% to 728
  • Inventory decreased 0.5% to 6,934

FOR THE MONTH OF JANUARY:

  • Median Sales Price increased 5.0% to $370,000
  • Days on Market increased 17.9% to 66
  • Percent of Original List Price Received increased 0.3% to 96.9%
  • Months Supply of Homes For Sale remained flat at 1.9

All comparisons are to 2024

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.