Report

Housing Finance Watch (Week 49, 2024)

By Edward J. Pinto | Tobias Peter | Sissi Li

December 10, 2024

PDF to full report

Key takeaways:

  • The median purchase rate held steady at 6.63% in week 49, 2024.
  • According to Mortgage News Daily, the avg. 30-year rate was 6.72 on Dec. 10th.
  • Purchase volume was down 24% from the same week in 2019, and up 24% YoY, with volume slowing with increasing rates.
  • Preliminary YoY HPA was 4.4% in October 2024. It is projected to be 4.6%, 4.7%, and 3.5% for Nov. 2024, Dec. 2024, and the first week of Jan. 2025, 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 YoY HPA of +4.7% and +5.5% by year-end 2024 and 2025, respectively.