At a time when the local Minneapolis real estate market slows down a bit for the holiday season, a spike in mortgage rates might also be contributing to what’s usually a letup in market activity.
In case you missed it, mortgage rates in just about every category increased during the shortened Thanksgiving holiday week, which also comes after a slight jump immediately after the presidential election as well.
The 10-year Treasure yield increased by 8 basis points, while the 30-year mortgage rate also saw a fairly substantial spike, rising 9 basis points to 4.03%.
It seems almost hard to believe, but the latest rate increases now mark the first time we’ve seen mortgage rates above 4% since 2015, which has some industry experts wondering if we’ll see an especially slow holiday season.
For the week ending November 24th, the average 30-year fixed rate mortgage sits at 4.03%, with is up from 3.95% this time last year. 15-year fixed rate mortgages averaged 3.25%, which are also up from 3.18% towards the end of November in 2015.