Minnesota mortgage applications jumped after 30 year fixed rates dropped below 5% again. This is the third week in a row that rates have stayed under 5%, hence the increase in borrower applications. The average 30 year fixed rate today is around 4.87%, near the record low level set back in May 2009 of 4.81%. This is a very nice sign for the housing market as it helps buyers obtain purchase mortgages more easily. Real estate sales have also been helped by the government first time home buyer tax credit of $8,000 and affordable housing options throughout the metro. Market trends show that homes are nearing the bottom of the housing slump, and many experts expect homes to start appreciating slowly again in 2010. Although this may be stuttered by the loss of the buyer tax credit ending in December 2009.

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Steve Loraus
Realtor
Twin Cities Real Estate Group
612-387-1326
www.mnrates.com
www.stevesmnhomes.com