Report

Housing Finance Watch (Week 24, 2023)

By Edward J. Pinto | Tobias Peter | Sissi Li

June 21, 2023

PDF to full report

Key takeaways:

Key takeaways:

  • Median rates stayed at 6 5/8% while MND reported a daily avg. 30-year rate of 6.87 % on June 20th.
  • Purchase volume was 32% below 2019’s level.
  • Y-o-y HPA is projected to rebound to 2% in June and 3% in July 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.