June’s Monthly Price Gain Fina lly Showing Some Deceleration

While annual price increases are still wildly aggressive, monthly gains indicate that the brakes may be on. CoreLogic says nationwide, home prices were up 18.3 percent in June compared to a year earlier, the 125th straight annual gain, however, the monthly change decelerated for the second time. The gain in CoreLogic’s Home Price Index (HPI) from May to June was 0.6 percent compared to the April to May growth of 1.8 percent. The company projects significant slowing in appreciation over the next year, although this has been their expectation for some time. The CoreLogic HPI Forecast indicates that home prices will increase another 0.6 percent from June 2022 to July 2022 but will only rise 4.3 percent by June 2023. Selma Hepp, CoreLogic’s Deputy Chief Economist, said “Signs of a broader slowdown in the housing market are evident, as home price growth decelerated for the second consecutive month. This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates and the resulting increased cost of homeownership. Nevertheless, buyers still remain interested, which is keeping the market competitive — particularly for attractive homes that are properly priced.” This graph shows a comparison of the national year-over-year percent change for the CoreLogic HPI and CoreLogic Case-Shiller Index from 2000 to present month with forecasts one year into the future. We note that both the CoreLogic HPI Single Family Combined tier and the CoreLogic Case-Shiller Index are posting positive, but moderating year-over-year percent changes, and forecasting gains for the next year.

August 2, 2022 Download our Mobile App: Download our Mobile App: Housing News June’s Monthly Price Gain Finally Showing Some Deceleration While annual price increases are still wildly aggressive, monthly gains indicate that the brakes may be on. CoreLogic says nationwide, home prices were up 18.3 percent in June compared to a year earlier, the 125th straight annual gain, however, the m... (read more) Mortgage Rate Watch Rates Rebounding Aggressively After Hitting Lowest Levels Since April Mortgage rates leapt higher at a record pace today--a statement that sounds a bit scarier than it really is by the time we consider the context. The first part of the context is the limitations of day-over-day record keeping for rates. Our dat... (read more) Rob Chrisman Capital Markets; Non-warrantable Condo, Automation Products; Retail News “How many millionaires do you know who have become wealthy by investing in savings accounts?” Lenders, and their underwriters, work with income, value, and wealth every day. But check this out reminder that owning property is a great way to build wea... (read more) Mortgage Rates Rates Rebounding Aggressively After Hitting Lowest Levels Since April 30 Yr. Fixed Rate 5.30% +0.25% Rate Change Points Mortgage News Daily 30 Yr. Fixed 5.30% +0.25 0.00 15 Yr. Fixed 4.60% +0.22 0.00 30 Yr. FHA 4.75% +0.20 0.00 30 Yr. Jumbo 4.60% +0.05 0.00 5/1 ARM 5.25% +0.05 0.00 30 Yr. VA 4.82% +0.17 0.00 Updates Daily - Last Update: 8/2 15 Yr. Fixed Rate 4.60% +0.22% Rate Change Points Freddie Mac 30 Yr. Fixed 5.30% -0.40 0.80 15 Yr. Fixed 4.45% -0.38 0.80 5/1 Yr. ARM 4.19% -0.31 0.40 Updates Weekly - Last Update: 7/7 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 5.74% -0.08 0.61 15 Yr. Fixed 4.95% +0.07 0.67 30 Yr. Jumbo 5.32% +0.01 0.43 Updates Weekly - Last Update: 7/27 MBS / Treasuries UMBS 30YR 4.0 99.83 -1.00 Price / Yield Change MBS UMBS 4.0 99.83 -1.00 UMBS 4.5 101.05 -0.84 GNMA 4.0 100.34 -0.95 GNMA 4.5 101.27 -0.72 Pricing as of: 8/2 5:21PM EST 10 Year US Treasury 2.7428 +0.1553 Price / Yield Change US Treasury 2 YR Treasury 3.045 +0.158 5 YR Treasury 2.848 +0.194 7 YR Treasury 2.816 +0.176 10 YR Treasury 2.743 +0.155 30 YR Treasury 3.002 +0.086 Pricing as of: 8/2 5:21PM EST Latest Video Fed's Mester: Inflation isn't going to come down quickly Fed's Evans: 50bps hike in September 'reasonable' Job openings fell to 10.7 million in June The 9am Bond Report - August 2, 2022 Around the Web Calculated Risk Blog Will 5% Mortgage Rates Cushion the Housing Market? Reuters Fed's Evans backs 50 or 75 bps hike in September if inflation doesn't abate Bloomberg Fed ‘Nowhere Near’ Finished With Inflation Fight, Daly Says Eye on Housing Second Quarter of 2022 Homeownership Rate at 65.8% Realtor.com Is the Housing Market in a Recession? Heres What Economists Are Saying Calculated Risk Blog CoreLogic: House Prices up 18.3% YoY in June Calculated Risk Blog Black Knight Mortgage Monitor: "Record-Setting Slowdown in Home Price Growth" Calculated Risk Blog Housing Inventory August 1st Update: Up 32.3% Year-over-year Reuters Euro zone yields fall as Taiwan jitters boost demand in safe-haven assets Eye on Housing Private Residential Spending Declines in June Calculated Risk Blog Five High Frequency Indicators for the Economy CNBC Treasury yields climb to start August as investors weigh recession prospects CNBC European stocks set to retreat, tracking global risk-off sentiment

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