Minnesota mortgage rates increase to 7% ahead of house hunting season

(St. Paul, MN) -- Mortgage rates have surged back above 7% for the first time since November, affecting homebuyers in Minnesota, who typically engage in active house hunting during spring.

This increase, along with rising home prices and economic factors like inflation, has led to a significant drop in home buying activity.

While potential rate cuts by the Federal Reserve could offer relief in the future, the current scarcity of available homes means buyers may need to act quickly and negotiate aggressively to secure a deal in the current market.