Inventory Woes Help Boost Home Prices in March.

While home prices continue to fall on an annual basis, new data from Black Knight indicates that the trend may not continue beyond the short term. The company’s March Mortgage Monitor shows its seasonally adjusted Home Price Index (HPI) rose 0.45 percent in March (the largest increase since last May) and was up 1.38 percent before adjustment. The latter number is roughly on par with the 10-year March average of 1.43 percent, typically the strongest monthly uptick each year. Further, revisions to the January and February HPI numbers show monthly gains of 0.13 percent and 0.43 percent making March the third consecutive month of gains. The company warns that these monthly increases would annualize to gains of more than 10 percent and make it important to watch for further heating in coming months. Black Knight’s Vice President for Research Strategy, Andy Walden, says, “Despite the home price strengthening of these past couple of months, the backward-looking annual growth rate continued to cool as the influence of the red-hot spring 2022 market fades in the rearview mirror. Prices are now up just 1.0 percent year over year, with the annual growth rate on track to fall to roughly 0 percent by April .” That annual metric has been falling by 1.3-1.4 percent each month since the start of 2023. The only markets in the top 50 by population where seasonally adjusted prices are still shrinking are Austin, Salt Lake City, and San Antonio. Phoenix and Dallas were effectively flat month-over-month. The largest price gains have occurred in the Midwest and Northeast.

May 3, 2023 Download our Mobile App: Download our Mobile App: Housing News Inventory Woes Help Boost Home Prices in March. While home prices continue to fall on an annual basis, new data from Black Knight indicates that the trend may not continue beyond the short term. The company’s March Mortgage Monitor shows its seasonally adjusted Home Price Index (HPI) rose 0.45 ... (read more) Housing News Mortgage Application Volume Decreased Last Week The Mortgage Bankers Association (MBA) noted a slight decrease in mortgage applications during the week ended April 28. Joel Kan, MBA’s Vice President and Deputy Chief Economist, said the 1.2 percent decrease in MBA’s seasonally adjusted Market Compo... (read more) Mortgage Rate Watch Lowest Mortgage Rates in Weeks After Fed Hikes Rates. Here's How That Works... The implication of "Fed rate hikes" is a constant source of confusion in the housing market. The general belief is that the Fed controls rates and if they're hiking, then rates are going higher. That's not exactly how it works. Let's lea... (read more) MBS Commentary Bonds Like Fed's Friendly Hike Bonds Like Fed's Dovish Hike There was really only one option for the Fed today: hike rates by 25bps but signal a willingness to let that be the ceiling. That's essentially what the Fed delivered, both ... (read more) Rob Chrisman TPO, BI, Social Media, POS Products; Conv. Conforming Changes; Blend CEO Interview If I tried to carry my cat Myrtle around like in this short video, there would be conflict. We all continue to hear conflicting information about home sales and prices in different parts of the nation and at different price points. One thing remains ... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.49% -0.09% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.49% -0.09 0.00 15 Yr. Fixed 5.90% -0.10 0.00 30 Yr. FHA 6.08% -0.12 0.00 30 Yr. Jumbo 6.15% -0.05 0.00 5/1 ARM 6.72% -0.03 0.00 30 Yr. VA 6.09% -0.10 0.00 Updates Daily - Last Update: 5/3 15 Yr. Fixed Rate 5.90% -0.10% Rate Change Points Freddie Mac 30 Yr. Fixed 6.43% +0.04 0.00 15 Yr. Fixed 5.71% -0.05 0.00 Updates Weekly - Last Update: 4/27 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.55% +0.12 0.63 15 Yr. Fixed 6.03% +0.14 0.56 30 Yr. Jumbo 6.40% +0.12 0.50 Updates Weekly - Last Update: 4/26 MBS / Treasuries UMBS 30YR 5.0 99.83 +0.36 Price / Yield Change MBS UMBS 5.0 99.83 +0.36 UMBS 5.5 101.09 +0.45 GNMA 5.0 99.84 +0.28 GNMA 5.5 100.80 +0.39 Pricing as of: 5/3 5:31PM EST 10 Year US Treasury 3.3410 -0.0920 Price / Yield Change US Treasury 2 YR Treasury 3.807 -0.185 5 YR Treasury 3.301 -0.168 7 YR Treasury 3.318 -0.131 10 YR Treasury 3.341 -0.092 30 YR Treasury 3.685 -0.027 Pricing as of: 5/3 5:31PM EST Latest Video Fed Chair Jerome Powell: It may be too soon to cut rates Fed Chair Jerome Powell: A decision on a rate hike pause was not made today The Fed needs to pause after the next hike or risk overdoing it, says Requi... ISM Services index hits 51.9 in April Around the Web CNBC Fed hikes rates by a quarter percentage point, as expected cnbc Here’s what to expect from today’s Federal Reserve announcement Calculated Risk Blog FOMC Statement: Raise Rates 25 bp; Pause in June Likely The Basis Point Who wins as Jamie Dimon squashes First Republic jumbo mortgage specialty? Black Knight Black Knights March 2023 Mortgage Monitor CNBC Private payrolls surged by 296,000 in April, much higher than expected, ADP says Calculated Risk Blog HVS: Q1 2023 Homeownership and Vacancy Rates; Rental Vacancy Rates Increased Sharply CNBC Top banking CEO warns of further volatility and predicts more U.S. rescues Calculated Risk Blog A Policy Proposal to Increase the Utilization of the Current Housing Stock CNBC Treasury yields fall as investors await Fed interest rate decision CNBC Former top execs of SVB and Signature Bank will testify at Senate hearing this month Eye on Housing Construction Job Openings Trending Lower Calculated Risk Blog ISM Services Index Increases to 51.9% in April

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