Most Recent Housing Price Index

Wednesday, the Federal Housing Finance Agency (FHFA) released its latest House Price Index (HPI) for November 2018 showing house prices rose 0.4% from October.

The previously reported 0.3% increase in October was revised to reflect a 0.4% increase.  From November 2017 to November 2018, house prices were up 5.8%.

For the nine census divisions, seasonally adjusted monthly price changes from October 2018 to November 2018 ranged from -0.8% in the Pacific division to +1.1% in the South Atlantic division. 

The 12-month changes were all positive, ranging from +4.5% in the West South Central division to +7.4% in the Mountain division.

As for the latest mortgage data from the Mortgage Bankers Association (MBA), the weekly mortgage applications survey showed the number of mortgage applications decreased from the prior week.  The MBA reported their overall seasonally adjusted Market Composite Index (application volume) decreased 2.7% for the week ended January 18, 2019.  The seasonally adjusted Purchase Index decreased 2% from a week prior while the Refinance Index decreased 5%. 

Overall, the refinance portion of mortgage activity decreased to 44.5% from 46.8% of total applications from the prior week.  The adjustable-rate mortgage share of activity decreased to 8.3% of total applications from 9.2% the previous week.  According to the MBA, the average contract interest rate for 30-year fixed-rate mortgages with a conforming loan balance increased to 4.75% from 4.74% with points decreasing to 0.44 from 0.45 for 80 percent loan-to-value ratio (LTV) loans.

For the week, the FNMA 4.0% coupon bond remained unchanged to close at $101.672 while the 10-year Treasury yield decreased 3.0 basis points to end at 2.758%.  The Dow Jones Industrial Average gained 30.85 points to close at 24,737.20.  The NASDAQ Composite Index added 7.63 points to close at 7,164.86.  The S&P 500 Index lost 5.95 points to close at 2,664.76.  Year to date (2019) on a total return basis, the Dow Jones Industrial Average has added 6.04%, the NASDAQ Composite Index has gained 7.98%, and the S&P 500 Index has advanced 6.30%.

This past week, the national average 30-year mortgage rate rose to 4.61% from 4.60%; the 15-year mortgage rate increased to 4.17% from 4.16%; the 5/1 ARM mortgage rate remained unchanged at 4.40% while the FHA 30-year rate increased to 4.20% from 4.18%.  Jumbo 30-year rates increased to 4.39% from 4.34%.


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