Report

Housing Finance Watch(Week 27, 2023)

By Edward J. Pinto | Tobias Peter | Sissi Li

July 11, 2023

PDF to full report

Key takeaways:

Key takeaways:

  • The median rate rose 1/4 ppts. to 6 7/8% while MND reported a daily avg. 30-year rate of 7.12% on July 10th.
  • Purchase volume was 37% below 2019’s level.
  • Y-o-y HPA is projected to increase to 2% in June, 3% in July, and 4% in the first three weeks of August 2023.
  • Metros with less affordability continue to have slower y-o-y HPA. The Western metros of San Jose, San Francisco, Seattle, and Sacramento are having y-o-y HPA declines. Over time, if the unemployment rate increases to around 5.5%, price declines will spread to the low end of some FHA markets and to metros with stagnating or declining job growth.