Mortgage interest rates will likely go down a little more but I don’t think we are going to see rates below 5% any time soon. Home prices in the Twin Cities metro area are not falling but rising much more slowly. Houses are still selling quickly but the number of new listings is down and so is the number of home sales.
The slightly lower interest rates make houses just a little more affordable. Mortgage interest rates reached a 20-year high last October.
In other news, rents have been going down after going up last spring and summer.