Housing Finance Watch: Purchase Rate Lock Volume Was Down 42% From 2019 While Rates Were Stable
By Edward Pinto
Housing Finance Watch(Week 22, 2023)
By Edward J. Pinto | Tobias Peter | Sissi Li
Key takeaways:
- Median rates stayed at 6 5/8% while daily 30-year rates retreated from their recent peak of 7.14% to 6.89% on June 5th, according to MND.
- Purchase volume was 42% below 2019’s level.
- Y-o-y HPA is projected to be around 1% in May, June, and first half of 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 already 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.
EDITORS NOTE: This AEI column is republished with permission. ©All rights reserved.
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