April Home Prices Bolster Case for Recovery

Both the S&P CoreLogic Case-Shiller U.S. National Home Price Index and the Federal Housing Finance Agency’s (FHFA’s) Home Price Index (HPI) show home prices continuing to increase in April although at a much-diminished rate than in the earlier low-interest rate environment. The annual rate of change for the Case-Shiller indices is now in negative territory. The Case-Shiller National Index, which covers all nine census divisions, posted a decline of 0.2 percent in April, compared to an annual gain of 0.7 percent in the previous month. Before seasonal adjustment, that index was up 1.3 percent month-over-month and rose 0.5 percent after adjustment. The 10-City Composite dropped 1.2 percent, down from the -0.7 percent annual change in March. The 20-City Composite posted a -1.7 percent year-over-year loss, down from -1.1 percent the prior month. Both city composites increased 1.7 percent month-over-month before adjustment. Afterward, the 10-City was up 1.0 percent and the 20-City 0.9 percent. Miami boasted the largest annual increase among metro areas at 5.2 percent, while Chicago broke into the top three in second with a 4.1 percent increase, and Atlanta bumped Charlotte out of third place with a 3.5 percent gain. Seventeen of 20 cities reported lower prices in the year ending April 2023 versus the year ending March 2023. Boston and San Francisco showed 0.1 percent increases and Cleveland gained 0.9 percent.

June 27, 2023 Download our Mobile App: Download our Mobile App: Housing News April Home Prices Bolster Case for Recovery Both the S&P CoreLogic Case-Shiller U.S. National Home Price Index and the Federal Housing Finance Agency’s (FHFA’s) Home Price Index (HPI) show home prices continuing to increase in April although at a much-diminished rate than in the earlier ... (read more) Housing News New Home Sales Hit 15-Month High as Prices Dip Last month’s sales of newly constructed single-family homes rose to the highest level since February 2022. The report from the U.S. Census Bureau and the Department of Housing and Urban Development put the seasonally adjusted annual rate for May at... (read more) Mortgage Rate Watch Mortgage Rates Slightly Higher Today Tuesday continued the same theme of incredibly modest movement inside an incredibly narrow range. The average lender is still just under 7% for a conventional 30yr fixed loan, but now slightly closer to 7% compared to yesterday. Earlier this m... (read more) MBS Commentary Data Hurts Forget "love." Today data hurts. Durable Goods fired a warning shot at 8:30am. Consumer Confidence and New Home Sales finished the job at 10am. With that, a modestly stronger start has given way to a red morning. The los... (read more) Rob Chrisman Borrower Intelligence, Prefunding QC, Cybersecurity Tools; TPO Investor News; Employment Opportunities Dang there’s a lot going on in Texas. One week it’s raining “hail the size of goat balls” (not my term; it was the phrase used by the woman mortgage banker who wrote me), the next week the state is experiencing a heat “dome” while malaria is in the h... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.92% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.92% +0.01 0.00 15 Yr. Fixed 6.32% +0.02 0.00 30 Yr. FHA 6.63% +0.01 0.00 30 Yr. Jumbo 6.75% +0.01 0.00 5/1 ARM 6.89% -0.01 0.00 30 Yr. VA 6.65% +0.04 0.00 Updates Daily - Last Update: 6/27 15 Yr. Fixed Rate 6.32% +0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.67% -0.02 0.00 15 Yr. Fixed 6.03% -0.07 0.00 Updates Weekly - Last Update: 6/22 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% -0.04 0.64 15 Yr. Fixed 6.26% +0.01 0.71 30 Yr. Jumbo 6.80% +0.01 0.49 Updates Weekly - Last Update: 6/21 MBS / Treasuries UMBS 30YR 5.0 98.28 -0.17 Price / Yield Change MBS UMBS 5.0 98.28 -0.17 UMBS 5.5 99.78 -0.17 GNMA 5.0 98.56 -0.14 GNMA 5.5 99.78 -0.13 Pricing as of: 6/27 5:31PM EST 10 Year US Treasury 3.7680 +0.0450 Price / Yield Change US Treasury 2 YR Treasury 4.762 +0.018 5 YR Treasury 4.032 +0.062 7 YR Treasury 3.908 +0.055 10 YR Treasury 3.768 +0.045 30 YR Treasury 3.843 +0.027 Pricing as of: 6/27 5:31PM EST Latest Video When mortgage rates hit 5% expect a flood of housing inventory, says Compas... Home price appreciation tells a lot about homebuilder margin strength, says... Fixed-income equities tend to outperform when the Fed pauses, says Nuveen's... Consumer confidence improved more than anticipated in June Around the Web Calculated Risk Blog New Home Sales increase to 763,000 Annual Rate in May; Median New Home Price is Down 16.2% from the Peak Wall Street Journal Home Prices Post First Annual Decline Since 2012 CNBC 'Enormously costly' business loan fraud drove home price inflation in certain markets, research suggests Eye on Housing Bank Failures Having Some Effect on Builders Calculated Risk Blog Update on Four High Frequency Indicators Calculated Risk Blog Case-Shiller: National House Price Index Decreased 0.2% year-over-year in April CNBC Treasury yields rise as investors assess state of the U.S. economy Calculated Risk Blog Housing June 26th Weekly Update: Inventory Increased 2.0% Week-over-week CNBC Kelly Evans: Shouldn't the recession have been here by now? Calculated Risk Blog Comments on April Case-Shiller and FHFA House Prices Wall Street Journal ECB Likely to Hike Rates in July, Says Lagarde CNBC Treasury yields fall as investors prepare for economic reports, Fed speaker comments Reuters Euro zone bond yields fall as economic outlook darkens

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