The Federal Housing Finance Agency recently released their monthly Home Price Index (HPI), and it showed that home prices rose 0.4% on average across the country for the month of November. For the year, the HPI is up a large 5.8! The HPI analyzes data based on single family homes that were purchased with conforming conventional mortgages.
Mortgage application data just came in, and it showed that applications to purchase a home are up 13% from this time last year. At this level, application volume is nearing nine year highs! Applications to refinance slowed slightly by 5%, but are still near their highest level since the springtime. Refinance application volume was much lower a few months back and is slowly getting back to its highs, mostly due to the recent decline in mortgage rates.
Sources:
https://www.fhfa.gov/
https://www.mba.org/news-research-and-resources/newsroom
By: Jon Iacono