Home Prices Hit Record Highs Nationally and in Seven Cities

Even with interest rates at a two-decade high and mortgage applications and existing home sales slipping back to 20th-century levels, home prices continue to rise. The S&P CoreLogic Case-Shiller indices increased for the seventh consecutive month while the Federal Housing Finance Agency (FHFA) reports a ninth straight gain in its Housing Price Index (HMI). Case-Shiller’s U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, reported a 2.6 percent annual change in August, up from 1.0 percent in the previous month. The 10-City Composite showed an increase of 3.0 percent, compared to 1.0 percent in July and the 20-City Composite annual gain rose from 2.0 percent to 2.2 percent. CoreLogic Chief Economist Dr. Selma Hepp says any respite from surging prices might only be temporary. “Although housing prices have increased significantly this year, climbing 5 percent from the early-year low, higher mortgage rates, and seasonal trends will slow further monthly gains – with some possible declines in winter months ,” she said. “Nevertheless, the year-to-date gains indicate that growth will pick up through the end of 2023 compared to last year’s slump during this time period.” Chicago posted the greatest appreciation among the 20 cities for the fourth consecutive month. Seven of the 20 reported lower prices in the year ending August 2023 than in the year ending July 2023 while 12 cities reported higher prices. Nineteen of the 20 cities show a positive trend in year-over-year price acceleration compared to the prior month.

October 31, 2023 Download our Mobile App: Download our Mobile App: Housing News Home Prices Hit Record Highs Nationally and in Seven Cities Even with interest rates at a two-decade high and mortgage applications and existing home sales slipping back to 20th-century levels, home prices continue to rise. The S&P CoreLogic Case-Shiller indices increased for the seventh consecutive month... (read more) Mortgage Rate Watch Mortgage Rates Edge Slightly Lower. Volatility Potential Increases From Here Coming into the current week, we expected to see a fair amount of volatility. Last week was volatile in its own right, but in a broadly sideways trajectory. Perhaps it's more fair to say we're expecting more of a directional reaction to t... (read more) MBS Commentary Placeholder Ahead of Fed and Big Ticket Data Placeholder Ahead of Fed and Big Ticket Data The first two days of the week have had the least to offer in terms of scheduled economic data and events. Yesterday's major exception was the Treasury refun... (read more) Rob Chrisman Verification, HELOC, POS, Servicing Transfer Products; Webinars Today and Tomorrow; Fannie's Solid Earnings “Change is inevitable, except from a vending machine.” Corporate changes are the name of the game. Atlanta’s Crescent Mortgage’s bank owner is aligning all mortgage facets of the enterprise and moving to “retail only” and eliminating third party. Rat... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.88% -0.04% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.88% -0.04 0.00 15 Yr. Fixed 7.25% -0.02 0.00 30 Yr. FHA 7.31% -0.03 0.00 30 Yr. Jumbo 8.03% -0.01 0.00 5/1 ARM 7.15% -0.07 0.00 30 Yr. VA 7.32% -0.03 0.00 Updates Daily - Last Update: 10/31 15 Yr. Fixed Rate 7.25% -0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 7.79% +0.16 0.00 15 Yr. Fixed 7.03% +0.11 0.00 Updates Weekly - Last Update: 10/26 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.90% +0.20 0.77 15 Yr. Fixed 7.08% +0.10 1.42 30 Yr. Jumbo 7.78% +0.22 0.71 Updates Weekly - Last Update: 10/25 MBS / Treasuries UMBS 30YR 6.5 99.25 -0.02 Price / Yield Change MBS UMBS 6.5 99.25 -0.02 UMBS 7.0 100.97 +0.02 GNMA 6.5 99.67 0.00 GNMA 7.0 101.09 -0.02 Pricing as of: 10/31 5:31PM EST 10 Year US Treasury 4.9220 +0.0340 Price / Yield Change US Treasury 2 YR Treasury 5.083 +0.033 5 YR Treasury 4.845 +0.027 7 YR Treasury 4.926 +0.034 10 YR Treasury 4.922 +0.034 30 YR Treasury 5.085 +0.041 Pricing as of: 10/31 5:31PM EST Latest Video New homes are faring better in the housing market, says Realtor.com's Danie... CNBC Fed Survey: Respondents expect no additional rate hikes from the Feder... Home price remains steady amid demand, despite rising mortgage rates Former Dallas Fed Pres. Richard Fisher: What's driving rates higher and lon... Around the Web Eye on Housing Homeownership Rate Stays at 66% CNBC Before the Fed decision, all eyes will be on this big Treasury debt announcement Wednesday Calculated Risk Blog HVS: Q3 2023 Homeownership and Vacancy Rates; Rental Vacancy Rates Increased Reuters BOJ relaxes grip on rates as end to yield control looms CNBC Some companies lower salaries in job postings as pay transparency laws take effect, new report finds CNBC Treasury to borrow $776 billion in the final three months of the year Calculated Risk Blog Goldman: 2024 Inflation Outlook Calculated Risk Blog Case-Shiller: National House Price Index Up 2.6% year-over-year in August; New all-time High CNBC Treasury yields fall ahead of Fed meeting kickoff Marketwatch Worker compensation posts big gain for ninth quarter in a row as unions flex muscles CNBC Euro zone inflation drops to two-year low in October; economy shrinks in third quarter Marketwatch Bank of Japan may further loosen cap on long-term bond yields, report says Calculated Risk Blog Comments on August Case-Shiller and FHFA House Prices

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