The median purchase rate decreased from 6.49% to 6.38% in week 34, 2024.
According to Mortgage News Daily, the avg. 30-year rate was 6.43% on Aug 26th.
Purchase volume was down 42% from the same week in 2019, and down 23% YoY.
Preliminary y-o-y HPA was 4.8% in July 2024. It is projected to be around 4.6% and 4.2%, for August 2024, and the first three weeks of September 2024, respectively.
Despite subdued purchase activity and relatively high rates, YoY HPA remains strong, largely due to buyers being well-qualified.
Our base HPA projection calls for y-o-y HPA of +5% and +5.5% by year-end 2024 and 2025 respectively.