Home Prices Apparently Don't Care About High Rates

Home price increases continued to accelerate in February even as interest rates also moved higher. Both the S&P CoreLogic Case-Shiller Indices and the Housing Market Index (HMI) produced by the Federal Housing Finance Agency (FHFA) showed annual price growth in the 7 percent range. Case-Shiller’s U.S. National Home Price Index, which covers all nine U.S. census divisions, reported a non-seasonally adjusted 6.4 percent annual gain in February, compared to a 6.0 percent rise the previous month. The 10-City and 20-City Composites rose 8.0 percent and 7.3 percent respectively, up from 7.4 percent and 6.6 percent increases in January. San Diego continued to report the highest year-over-year appreciation among the 20 cities at 11.4 percent followed by Chicago and Detroit, each posting 8.9 percent growth. Portland still holds the lowest position at 2.2 percent. The three non-seasonally adjusted indices posted monthly gains for the first time since November. The National Index rose 0.6 percent, the 20-City was up 0.9 percent, and the 10-City Composite grew 1.0 percent. After seasonal adjustment, the increases were 0.4 percent for the National Index and 0.6 percent for each of the composites. “U.S. home prices continued their drive higher,” says Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices. “Our National Composite rose by 6.0 percent in January, the fastest annual rate since 2022. For the third consecutive month, all cities reported increases in annual prices, with four currently at all-time highs: San Diego, Los Angeles, Washington, D.C., and New York. On a seasonal adjusted basis, our National, 10- and 20- City Composite indices continue to break through previous all-time highs set last year.”

April 30, 2024 Download our Mobile App: Download our Mobile App: Housing News Home Prices Apparently Don't Care About High Rates Home price increases continued to accelerate in February even as interest rates also moved higher. Both the S&P CoreLogic Case-Shiller Indices and the Housing Market Index (HMI) produced by the Federal Housing Finance Agency (FHFA) showed annual ... (read more) Mortgage Rate Watch Mortgage Rates Back Up And Over 7.5% A mortgage rate is highly subjective and can vary for a variety of reasons. A news story that provides an outright level like 7.5% requires context and qualification. Some online advertisements (especially among builders) could still be s... (read more) MBS Commentary More Data, More Inflation, More Weakness in Bonds Steering clear of unfriendly economic data has been an increasingly challenging task for the bond market in April. While it might be an overstatement to say we're going out with a bang, today's Employment Cost Index (ECI) is at least a loud pop... (read more) Rob Chrisman VOI, Marketing, Warehouse Tools; STRATMOR Automation Survey; Bank Acquisition; Fannie Earnings Don’t believe in climate change, rising sea levels, or cities sinking (“subsiding”)? Venice is sinking. So are Rotterdam, Bangkok, and New York (though a few spots are rising!) But no place compares to Jakarta, the fastest-sinking megacity on the pla... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.51% +0.08% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.51% +0.08 0.00 15 Yr. Fixed 6.90% +0.05 0.00 30 Yr. FHA 6.99% +0.07 0.00 30 Yr. Jumbo 7.67% +0.04 0.00 7/6 SOFR ARM 7.55% +0.05 0.00 30 Yr. VA 7.00% +0.07 0.00 Updates Daily - Last Update: 4/30 15 Yr. Fixed Rate 6.90% +0.05% Rate Change Points Freddie Mac 30 Yr. Fixed 7.17% +0.07 0.00 15 Yr. Fixed 6.44% +0.05 0.00 Updates Weekly - Last Update: 4/25 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.24% +0.11 0.66 15 Yr. Fixed 6.75% +0.11 0.64 30 Yr. Jumbo 7.45% +0.05 0.56 Updates Weekly - Last Update: 4/24 MBS / Treasuries UMBS 30YR 6.0 99.08 -0.36 Price / Yield Change MBS UMBS 6.0 99.08 -0.36 UMBS 6.5 100.78 -0.29 GNMA 6.0 100.24 -0.35 GNMA 6.5 101.23 -0.20 Pricing as of: 4/30 5:31PM EST 10 Year US Treasury 4.6798 +0.0662 Price / Yield Change US Treasury 2 YR Treasury 5.038 +0.059 5 YR Treasury 4.715 +0.070 7 YR Treasury 4.704 +0.072 10 YR Treasury 4.680 +0.066 30 YR Treasury 4.781 +0.050 Pricing as of: 4/30 5:31PM EST Latest Video Former Dallas Fed President: Fed shouldn't be talking about rate hikes but ... Here's why JPMorgan's Michael Feroli still expects three rate cuts this yea... Fed trajectory is 'bumpy' as macroeconomy has a lot of momentum, says Dreyf... Wells Fargo expects two rate cuts in the second half of 2024 Around the Web WSJ Wall Street has spent billions buying homes. A crackdown is looming. CNBC Here's everything to expect when the Fed wraps up its meeting Wednesday Marketwatch Consumer confidence drops to 21-month low due to worries about food and gas prices CNBC Home prices soar even higher in February, despite higher mortgage rates, says S&P Case-Shiller Calculated Risk Blog Comments on February House Prices, FHFA: House Prices Up 7.0% YoY CNBC Worker pay rose more than expected in Q1 in another sign of persistent inflation Marketwatch Employee costs rise at fastest pace in a year and a half Eye on Housing Lowest Homeownership Rate for Younger Householders in Two Years Treasury Treasury Announces Marketable Borrowing Estimates CNBC Treasury yields rise ahead of Fed meeting Calculated Risk Blog HVS: Q1 2024 Homeownership and Vacancy Rates Eye on Housing Student Housing Construction Dips in the First Quarter of 2024 CNBC Euro zone inflation steady at 2.4%, keeping June rate cut in play as economy returns to growth

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