Current mortgage and refinance rates

Accurate as of 04/08/2022.

Product Interest rate APR
30-year fixed-rate 4.859% 4.947%
20-year fixed-rate 4.618% 4.728%
15-year fixed-rate 3.900% 4.055%
10-year fixed-rate 3.500% 3.677%
7-year ARM 4.463% 3.754%
5-year ARM 4.366% 3.560%
3-year ARM 2.340% 3.371%
30-year fixed-rate FHA 4.424% 5.214%
30-year fixed-rate VA 4.337% 4.697%

DENVER — February home sales dipped nearly 1% from January, potentially setting the stage for what is typically the year’s biggest month-over-month ramp-up in sales as March typically is considered the start of the spring home-selling season. And while the number of homes on the market remained at record lows, February’s month-over-month decline in inventory of 6.8% was the smallest such decrease in five months.

At the same time, home prices across the report’s 51 metro areas started to move upward again after experiencing no such increase in January and four small monthly declines in the second half of 2021. February’s Median Sales Price of $345,000 – the highest in report history – was three percent higher than January’s and 17.3% above a year ago. Only three months in 2021 – March (4.5%), April (5.9%) and June (4.9%) – saw prices increase at a higher rate.

Despite declining 4.7% year-over-year, February’s slight month-over-month drop in sales of 0.9% was in sharp contrast to an average increase of 4.4% from January to February over the past five years (2017-2021). Currently underway, March home sales typically produce the largest monthly increase in closings each year. From 2015-2019, sales rose an average of 35% month over month from February to March, while the second-highest average month-over-month increase was just 14% from April to May.

Inventory declined 6.8% from January to February following double-digit declines the previous four months and was down 28.9% from February of 2021. Months Supply of Inventory dropped to 1.2, compared to 1.3 in January and 1.8 a year ago.

Homes spent an average of 35 days on the market in February – one more than January, but eight less than a year ago.

“With such high demand and low inventory, houses are flying off the shelves right now – even at prices that have reached new highs. Having more listings on the market would be good for everyone, but the stage is set for another active spring selling season,” said Nick Bailey, President and CEO. “Buyers, feeling pinched by inflation, are snapping up new listings and racing to take advantage of near historically low rates before they go up. It’s clear the dream of homeownership is still top of mind for many Americans.”

Highlights and the local markets leading various metrics for February include:

Closed Transactions
Of the 51 metro areas surveyed in February 2022, the overall average number of home sales is down 0.9% compared to January 2022, and down 4.7% compared to February 2021. The markets with the biggest decrease in year-over-year sales percentage were Manchester, NH at -26.8%, Burlington, VT at -22.8%, and Albuquerque, NM at -18.9%. Leading the year-over-year sales percentage increase were Houston, TX at +20.9%, Boise, ID at +18.0%, and Tulsa, OK at +10.5%.

Median Sales Price – Median of 51 metro median prices
In February 2022, the median of all 51 metro Median Sales Prices was $345,000, up 3.0% compared to January 2022, and up 17.3% from February 2021. No metro areas saw a year-over-year decrease in Median Sales Price. Thirty-three metro areas increased year-over-year by double-digit percentages, led by Billings, MT at +29.6%, Phoenix, AZ at +28.6%, and Tampa, FL at +28.3%.

Days on Market – Average of 51 metro areas
The average Days on Market for homes sold in February 2022 was 35, up one day from the average in January 2022, and down eight days from the average in February 2021. The metro areas with the lowest Days on Market were Nashville, TN at 14, Seattle, WA at 17, and a two-way tie between Omaha, NE and Salt Lake City, UT at 18. The highest Days on Market averages were in Des Moines, IA at 98, Miami, FL at 79, and New York, NY at 77. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 51 metro areas
The number of homes for sale in February 2022 was down 6.8% from January 2022 and down 28.9% from February 2021. Based on the rate of home sales in February 2022, the Months Supply of Inventory decreased to 1.2 compared to 1.3 in January 2022, and decreased compared to 1.8 in February 2021. A six months supply indicates a market balanced equally between buyers and sellers. In February 2022, of the 51 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were Denver, CO at 0.4, and a four-way tie between Albuquerque, NM, Charlotte, NC, Raleigh-Durham, NC, and Seattle, WA at 0.5.

Current mortgage and refinance rates

Accurate as of 03/10/2022.

Product Interest rate APR
30-year fixed-rate 4.126% 4.221%
20-year fixed-rate 3.765% 3.875%
15-year fixed-rate 3.237% 3.400%
10-year fixed-rate 2.905% 3.082%
7/1 ARM 3.670% 3.298%
5/1 ARM 2.974% 3.211%
3/1 ARM 2.340% 3.371%
30-year fixed-rate FHA 2.875% 3.647%
30-year fixed-rate VA 3.538% 3.888%

DENVER — January home sales dropped 31.4% from December’s total – a decrease slightly more than the seasonal norm – as inventory shrank for the sixth consecutive month. Year over year, sales were down 5.3% from January 2021.

A December-to-January decline in home sales is typical and expected. In the past five years (2017-2021), the average drop in home sales between the two months was 28.0%.

Across the 51 metro areas in the report, the Median Sales Price remained steady as January was the second month in a row of little-to-no month-over-month price increase. January’s Median Sales Price equaled December’s $335,000, which was only $5,000 below the report’s all-time high of $340,000 set in October 2021. However, year-over year price increases remain steep as January’s price was 15.9% higher than a year ago.

Inventory remains historically low. November, December and January have each reset the mark for lowest inventory (in terms of units) in the last five years. Similarly, January’s 1.2 Months Supply of Inventory matched the low reached in May 2021. There were 1.9 months supply of inventory a year ago.

“Sellers continue to enjoy favorable conditions, but with January activity slowing a bit ahead of the peak spring selling season, the consistent run-up in prices has tapered off as well,” said Nick Bailey, President and CEO, RE/MAX, LLC. “Mortgage rates are beginning to tick up, which might actually accelerate sales as buyers and sellers rush to beat any further increases. The price stabilization of the past few months is helping counter affordability issues, and we anticipate an active spring selling season driven by continued buyer demand.”

Homes spent an average of 34 days on the market in January – two more than December, but seven less than a year ago.

Highlights and the local markets leading various metrics for January include:

Closed Transactions
Of the 51 metro areas surveyed in January 2022, the overall average number of home sales is down 31.4% compared to December 2021, and down 5.3% compared to January 2021. The markets with the biggest decrease in year-over-year sales percentage were San Francisco, CA at -24.2%, Manchester, NH at -18.0%, and Seattle, WA at -17.5%. Leading the year-over-year sales percentage increase were Honolulu, HI at +25.7%, Boise, ID at +10.4%, and Tulsa, OK at +5.8%.

Median Sales Price – Median of 51 metro median prices
In January 2022, the median of all 51 metro Median Sales Prices was $335,000, flat compared to December 2021, and up 15.9% from January 2021. No metro areas saw a year-over-year decrease in Median Sales Price. Thirty-five metro areas increased year-over-year by double-digit percentages, led by Phoenix, AZ at +28.5%, Raleigh-Durham, NC at +28.4%, and Salt Lake City, UT at +26.7%.

Days on Market – Average of 51 metro areas
The average Days on Market for homes sold in January 2022 was 34, up two days from the average in December 2021, and down seven days from the average in January 2021. The metro areas with the lowest Days on Market were Nashville, TN at 16, Cincinnati, OH at 18, and a two-way tie between Omaha, NE and Manchester, NH at 20. The highest Days on Market averages were in Des Moines, IA at 94, Miami, FL at 77, and Albuquerque, NM at 75. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 51 metro areas
The number of homes for sale in January 2022 was down 11.9% from December 2021 and down 32.1% from January 2021. Based on the rate of home sales in January 2022, the Months Supply of Inventory decreased to 1.2 compared to 1.4 in December 2021, and decreased compared to 1.9 in January 2021. A six-months supply indicates a market balanced equally between buyers and sellers. In January 2022, of the 51 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were Denver, CO at 0.4, and a three-way tie between Charlotte, NC, Seattle, WA, and Raleigh-Durham, NC at 0.5.

Current mortgage and refinance rates

Accurate as of 01/20/2022.

Product Interest rate APR
30-year fixed-rate 3.566% 3.638%
20-year fixed-rate 3.294% 3.381%
15-year fixed-rate 2.695% 2.814%
10-year fixed-rate 2.625% 2.780%
7/1 ARM 2.927% 3.007%
5/1 ARM 2.776% 3.097%
3/1 ARM 2.917% 3.555%
30-year fixed-rate FHA 4.125% 5.027%
30-year fixed-rate VA 3.043% 3.337%

DENVER — Near-record December home sales cemented 2021 as the busiest year for home buying in the 14-year history of the report, while also setting records for smallest inventory and highest average home prices. On an annual basis, 2021 finished with nearly 10% more home sales than the previous record year of 2020.

Across the 51 metro areas in the report, December 2021 home sales were the second highest for the month in report history, trailing only December 2020. Despite the strength in home sales, December sales defied recent month-over-month moves. December 2021 home sales were actually down 0.8% from November, which had an unusually high total. In contrast, the November-to-December average change for the five-year period from 2015-2019 was an increase of 3.5%.

“December capped a fantastic year for home sales. After a busy 2020, we expected 2021 to be even better – and it was,” said Nick Bailey, President and CEO, RE/MAX, LLC. “Buyers shrugged off all sorts of potential obstacles – high prices, record-low inventory, stiff competition for available listings – and kept things rolling the entire year.”

“The story of housing in 2021 was centered around high demand that led to a substantial increase in sales despite ultra-low supply. What’s promising for 2022 is that many of the factors which drove record sales in 2021 remain in place. Interest rates are still attractive, workplace flexibility continues, and many homeowners are sitting on a mountain of equity. If more of them become sellers, there’s ample reason to think the hot streak will continue. The past two years have proven that buyers are out there and ready to go.”

December home transactions could have been even stronger had it not been for record-low inventory. The year 2021 ended with the smallest number of homes for sale in the 14-year history of the report. December inventory dropped 23.6% from November – the previous record low – and 33.3% year over year. The 10 months with the lowest inventory in report history all occurred in 2021.

December’s 1.2 Months Supply of Inventory was an all-time low and tied the report record set in May 2021. There were two months supply of inventory a year ago. Homes spent an average of 31 days on the market in December – two more than November, but seven less than a year ago.

At the same time, December’s Median Sales Price of $335,000 was up 1.4% over November and 11.5% year over year. The November-to-December increase is slightly higher than the 1.2% average for the five-year period from 2015-2019. While the highest average sale price of the year typically is reached in early or mid-summer, October’s $340,000 was the highest in 2021 and in report history.

Highlights and the local markets leading various metrics for December include:

Closed Transactions
Of the 51 metro areas surveyed in December 2021, the overall average number of home sales is down 0.8% compared to November 2021, and down 6.9% compared to December 2020. The markets with the biggest decrease in year-over-year sales percentage were San Francisco, CA at -21.9%, Manchester, NH at -17.6%, and Atlanta, GA at -17.1%. Leading the year-over-year sales percentage increase were Wilmington/Dover, DE at +8.9%, Billings, MT at +8.3%, and Boise, ID at +8.2%.

Median Sales Price – Median of 51 metro median prices
In December 2021, the median of all 51 metro Median Sales Prices was $335,000, up 1.4% compared to November 2021, and up 11.5% from December 2020. No metro areas saw a year-over-year decrease in Median Sales Price while 32 metro areas increased year-over-year by double-digit percentages, led by Phoenix, AZ at +28.4%, Tampa, FL at +25.7%, and Raleigh-Durham, NC at +25.3%.

Days on Market – Average of 51 metro areas
The average Days on Market for homes sold in December 2021 was 31, up two days from the average in November 2021, and down seven days from the average in December 2020. The metro areas with the lowest Days on Market were Nashville, TN at 13, Cincinnati, OH at 16, and Omaha, NE at 18. The highest Days on Market averages were in Des Moines, IA at 92, Miami, FL at 76, and New York, NY at 71. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 51 metro areas
The number of homes for sale in December 2021 was down 23.6% from November 2021 and down 33.3% from December 2020. Based on the rate of home sales in December 2021, the Months Supply of Inventory decreased to 1.2 compared to 1.4 in November 2021, and decreased compared to 2.0 in December 2020. A six months supply indicates a market balanced equally between buyers and sellers. In December 2021, of the 51 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were Salt Lake City, UT at 0.4, and a three-way tie between Albuquerque, NM, Denver, CO, and Seattle, WA at 0.5.

Current mortgage and refinance rates

Accurate as of 12/20/2021.

Product Interest rate APR
30-year fixed-rate 3.010% 3.080%
20-year fixed-rate 2.769% 2.862%
15-year fixed-rate 2.149% 2.260%
10-year fixed-rate 2.317% 2.442%
7/1 ARM 2.566% 2.896%
5/1 ARM 2.602% 2.851%
3/1 ARM 2.917% 3.555%
30-year fixed-rate FHA 2.250% 2.984%
30-year fixed-rate VA 2.496% 2.780%

DENVER — The historically strong housing market continued to surge forward in November, as buyers gobbled up available homes seemingly as soon as they hit the market. Buyers finally saw some welcome relief on prices, with November’s Median Sales Price dropping 2.9% to $330,000 – the largest monthly decline since the pandemic began. And home sales declined only 4.9% from October, far less than the normal seasonal decrease of 12.0% this time of year. Adding to the complex conditions, the number of homes for sale fell to a new low in the 14-year history of the report, declining 17.7% from October.

Overall, November generally followed seasonal trends while at the same time setting records for the month of November in almost every category, such as the fewest average number of days homes were listed before selling. While November’s average of 29 days was two more than October’s, it was only the sixth month in report history with an average below 30. All six months have occurred consecutively, starting with June 2021.

“The market is roaring along, with only half the seasonal slowdown we typically see from October to November,” said Nick Bailey, President, RE/MAX, LLC. “The small drop in prices is great news for buyers, and it could be an early sign of some balance coming back into the market.

“The lack of available inventory continues to be a challenge, but 2021 has been a very strong year for home sales. That says a lot about the resiliency of the housing market and the importance of homeownership in people’s lives. With work flexibility, low interest rates, generational factors and continued high demand, we’re heading into 2022 with plenty of reasons to be optimistic.”

November’s Median Sales Price across the report’s 51 metro areas dropped $10,000 below October’s $340,000, falling 2.9%. That was the largest month-to-month drop since January 2020, when the median price declined 3.4%. And while price drops are typical in January, they are unusual in November. Based on report averages for the five-year period from 2015-2019 (excluding 2020 because of pandemic impacts), the median November price rose an average of 0.9%.

Other comparisons of note for the month of November 2021 relative to trends from 2015-2019 include:

• The five-year average for October-to-November home sales is a decline of 12.0%, more than twice the drop of 4.9% in November 2021.
• The five-year average for October-to-November inventory is a decline of 8.9%, slightly over half of the drop of 17.7% in November 2021.
• After dropping in January, prices typically rise each month from February through June, then decline each month from July through October. They generally rebound slightly in November and December. The first nine months of 2021 followed the 2015-2019 pattern before October posted an unusual 0.8% price increase, followed by November’s uncommon decline.

Despite declining month over month, November’s median home price was 11.9% higher than November 2020’s $295,000 and marks the 35th consecutive month that home prices have risen year over year.

Current mortgage and refinance rates

Accurate as of 11/26/2021.

Product Interest rate APR
30-year fixed-rate 3.040% 3.113%
20-year fixed-rate 2.875% 2.970%
15-year fixed-rate 2.307% 2.433%
10-year fixed-rate 2.181% 2.355%
7/1 ARM 2.805% 3.029%
5/1 ARM 2.362% 2.721%
3/1 ARM 2.917% 3.555%
30-year fixed-rate FHA 2.359% 3.035%
30-year fixed-rate VA 2.531% 2.735%

DENVER — Pinched between a steep median sales price of $336,000 and record low inventory, October home sales tumbled 6.4% from September – almost double the typical seasonal decline. September had near-record sales, which also contributed to the steepness of the month-over-month sales decrease.

October’s inventory dropped 12.7% from September to the fifth-lowest level in the report’s 14-year history, and October’s 1.3 Months Supply of Inventory tied for second lowest in report history, alongside July and August of this year.

“We’re seeing the effects of a long, sustained run-up in prices and month-over-month home sales and the market may be moving past the days of immediate sales, multiple offers and bidding wars on virtually every property,” said Nick Bailey, President, RE/MAX, LLC. “That’s OK. The October dip in sales, especially after such a busy September, is a step toward a more balanced market and was somewhat overdue.

“Home buyers may see some relief in price appreciation during the coming months, even as sales levels stay high. Sellers remain in a very strong position, but with price stabilization and the continuation of competitive interest rates, buyers may find the coming months to be more advantageous than anytime earlier this year.”

September-to-October averages for 2015-2019 illustrate what’s typical in the fall. With just two months of home sales remaining, the fall of 2021 is mirroring seasonal norms in many ways, unlike 2020, but the lack of inventory amid strong demand is exacerbating those moves. For example, the drop in home sales of 6.4% from September was nearly twice the 2015-2019 average decline of 3.3%. Year over year, sales were down 10.2%.

Also, reflecting both the number of homes coming on the market and the speed of sales, the 12.7% month-over-month drop in active inventory was more than double the 2015-2019 September-to-October average decline of 5.3%. Inventory was down 28% year-over-year and has declined month over month in all but June and July this year.

One exception is the Median Sales Price, which rose 0.8% from September, in contrast to the average September-to-October drop of 1.3% in 2015-2019. The Median Sales Price is up 11.8% over October 2020. October’s Median Sales Price of $336,000 tied the record set in June 2021. Home prices have now increased year over year for 34 consecutive months.

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