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Housing Finance Watch (Week 32, 2024)
The median purchase rate decreased from 6.62% to 6.38% in week 32, 2024.
According to Mortgage News Daily, the avg. 30-year rate was 6.55% on Aug 12th.
Purchase volume was down 35% from the same week in 2019, and down 8% YoY.
Preliminary y-o-y HPA was 5.0% in June 2024. It is projected to be around 4.6%, 4.3%, and 3.9% for July 2024, August 2024, and the first week of September 2024, respectively.
Despite subdued purchase activity and relatively high rates, YoY HPA remains strong, largely due to buyers being well-qualified.
As interest rates have moved sharply higher since mid-2022, no cash-out volume has disappeared almost entirely.
Cash-out volume has also contracted sharply due to higher rates, but has hovered between 30,000 to 44,000 loans since November 2022. This is down over 80% from a peak of 250,000 loans in October 2021.
For the mortgage industry, the market continued a seasonally driven volume uptick in March. Total agency loan volume in May 2024 (refi and purchase loans combined) was 280,000, up 2% from273,000 in April 2024 but down 8% YoY. Based on our analysis of Optimal Blue data, we expect the seasonal volume leveling off to begin in the months ahead.
According to Mortgage News Daily, the avg. 30-year rate was 6.55% on Aug 12th.
Purchase volume was down 35% from the same week in 2019, and down 8% YoY.
Preliminary y-o-y HPA was 5.0% in June 2024. It is projected to be around 4.6%, 4.3%, and 3.9% for July 2024, August 2024, and the first week of September 2024, respectively.
Despite subdued purchase activity and relatively high rates, YoY HPA remains strong, largely due to buyers being well-qualified.
As interest rates have moved sharply higher since mid-2022, no cash-out volume has disappeared almost entirely.
Cash-out volume has also contracted sharply due to higher rates, but has hovered between 30,000 to 44,000 loans since November 2022. This is down over 80% from a peak of 250,000 loans in October 2021.
For the mortgage industry, the market continued a seasonally driven volume uptick in March. Total agency loan volume in May 2024 (refi and purchase loans combined) was 280,000, up 2% from273,000 in April 2024 but down 8% YoY. Based on our analysis of Optimal Blue data, we expect the seasonal volume leveling off to begin in the months ahead.
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