Mortgage Activity Up as 30-Year Rates Decline

Mortgage activity was up a seasonally adjusted 1.8 percent during the week ended Sept. 1, in part because interest rates declined slightly, the Mortgage Bankers Association reports. Compared with the same week a year ago, there were 26.1 percent fewer mortgage applications.The refinance share of mortgage activity decreased to 41 percent of total applications from 4.15 the previous week. It was the first decline in seven weeks.
Lower rates are fueling demand. The average interest rate for a 30-year fixed-rate mortgage decreased to 6.31 percent from 6.39 percent the previous week with points increasing to 1.10 from 1.03. The average interest rate for a 15-year fixed rate mortgage decreased to 5.97 percent from 6.06. The rate for one-year ARMS decreased to 5.91 percent from 5.97.
Great news just in time for the Fall Market!
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The Fall Market is Here!

Labor Day traditionally signals the end of summer...but just like how we get a new sense of vigor as the air starts to turn crisp, so does the local real estate market!

We really have 2 rather distinct markets in the Twin Cities. The Spring, of course, is a biggie but the Fall is not that far behind, in terms of volume. Statistically July & August are actually slower than December & January!

So, with the summer fun behind you, perhaps now is the time to "make your move." The inventory right now is really incredible. So many tremendous homes and condos to choose from. Call me today and let's get started!