March Home Prices Extend Recent Rebound

One of the major home price indices showed a continued increase in national home prices in March and less waffling in some local markets. A second index, the Federal Housing Finance Agency’s (FHFA’) Housing Price Index (HPI) lengthened its string of quarterly price gains that stretches back to the first quarter of 2012. The S&P CoreLogic Case-Shiller U.S. National Home Price Index which covers all nine U.S. census divisions, reported a 0.7 percent annual gain in March, down from 2.1 percent in the previous month. On a monthly basis, that index rose 1.3 percent on a non-seasonally adjusted (NSA) basis and 0.4 percent after (SA) adjustment. Selma Hepp. CoreLogic Chief Economist credited the 0.7 percent annual increase in the National Index to the spring home buying season and a stronger return to the market of buyers than sellers. “[This] created another competitive market environment and one in which the very meager inventory of existing homes is putting buyers in a position of having to pay over the asking price and as a result driving early spring price gains well beyond what is traditionally seen during this period. But, monthly gains, up 1.3 percent from February, are almost double the increase seen between the two months and suggest housing market competition heated up again in early spring.” The 10-City Composite Index fell 0.8 percent after an annual increase of 0.5 percent in February but posted monthly gains of 1.6 percent NSA and 0.5 percent SA. The 20-City Composite dipped 1.1 percent compared to March 2022 while rising 1.5 percent and 0.5 percent for the month on NSA and SA bases, respectively.

May 30, 2023 Download our Mobile App: Download our Mobile App: Housing News March Home Prices Extend Recent Rebound One of the major home price indices showed a continued increase in national home prices in March and less waffling in some local markets. A second index, the Federal Housing Finance Agency’s (FHFA’) Housing Price Index (HPI) lengthened its string o... (read more) Mortgage Rate Watch Rates Drop Sharply to Start The New Week The past 2 weeks were fairly rough for fans of low mortgage rates. The average lender moved higher at the fastest pace since February over that time. By the end of last week, the average lender was back above 7% for a top tier 30yr fixed ... (read more) MBS Commentary Stronger Start Making Case For Support Whether it was the economic headwinds implied by the stop-gap debt ceiling proposal or a return to the market among traders who'd pared positions ahead of the extended weekend, bonds have had an easier time finding buyers so far in the new week. ... (read more) Rob Chrisman Recruiting, Sales and Marketing, QC, Underwriting, HELOC, CRM Tools; FHA and VA Investor News When I grow up, I want to own a place at the beach. It turns out that if I’m not too picky, and don’t mind being within a mile of the surf, I might be able to swing it. Here are the “Cheapest Places to Own a Place at the Beach in the U.S.” People liv... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.95% -0.19% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.95% -0.19 0.00 15 Yr. Fixed 6.40% -0.14 0.00 30 Yr. FHA 6.60% -0.15 0.00 30 Yr. Jumbo 6.68% -0.07 0.00 5/1 ARM 6.92% -0.03 0.00 30 Yr. VA 6.59% -0.15 0.00 Updates Daily - Last Update: 5/30 15 Yr. Fixed Rate 6.40% -0.14% Rate Change Points Freddie Mac 30 Yr. Fixed 6.57% +0.18 0.00 15 Yr. Fixed 5.97% +0.22 0.00 Updates Weekly - Last Update: 5/25 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.57% +0.09 0.61 15 Yr. Fixed 5.96% +0.05 0.68 30 Yr. Jumbo 6.46% +0.13 0.38 Updates Weekly - Last Update: 5/17 MBS / Treasuries UMBS 30YR 5.5 99.63 +0.56 Price / Yield Change MBS UMBS 5.5 99.63 +0.56 UMBS 6.0 100.91 +0.63 GNMA 5.5 99.58 +0.50 GNMA 6.0 100.56 +0.56 Pricing as of: 5/30 5:31PM EST 10 Year US Treasury 3.6880 -0.0852 Price / Yield Change US Treasury 2 YR Treasury 4.452 -0.162 5 YR Treasury 3.807 -0.127 7 YR Treasury 3.753 -0.107 10 YR Treasury 3.688 -0.085 30 YR Treasury 3.895 -0.035 Pricing as of: 5/30 5:31PM EST Latest Video Here's why nobody is willing to sell a home these days We expect the Fed to hike 25 basis points at June meeting, says Citi's Nath... Consumer confidence comes in better than expectations Diversify regional bank stocks to hedge risks, says Potomac Wealth Advisors... Around the Web CNBC Home price declines may be over, S&P Case-Shiller says Calculated Risk Blog Case-Shiller: National House Price Index increased 0.7% year-over-year increase in March Calculated Risk Blog Comments on March Case-Shiller and FHFA House Prices CNBC Treasury yields stumble as investors anticipate debt ceiling deal vote CNBC Debt ceiling negotiators close to a deal, with IRS funding in the spotlight CNBC A U.S. recession would be 'good news' for markets, strategist says CNBC Inflation rose 0.4% in April and 4.7% from a year ago, according to key gauge for the Fed Calculated Risk Blog Q2 GDP Tracking: Around 1% to 2% Calculated Risk Blog Total Housing Completions will Likely Decrease Slightly in 2023; The Mix will Change Calculated Risk Blog NAR: Pending Home Sales Unchanged in April; Down 20.3% Year-over-year Calculated Risk Blog Personal Income increased 0.4% in April; Spending increased 0.8% CNBC Treasury yields fall as investors await key inflation data, debt ceiling talk updates CNBC European markets head for mixed open with U.S. debt ceiling talks in final stages

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