Report

Housing Finance Watch(Week 23, 2023)

By Edward J. Pinto | Tobias Peter | Sissi Li

June 12, 2023

PDF to full report

Key takeaways:

Key takeaways:

  • Median rates stayed at 6 5/8% while MND reported a daily 30-year rate of 6.94% on June 12th.
  • Purchase volume was 31% below 2019’s level.
  • Y-o-y HPA is projected to be around 1% in May, June, and the first three weeks 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.