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What’s Ahead For Mortgage Rates This Week – December 3rd, 2018
Last week’s economic news included readings from Case-Shiller Home Price Indices, sales of new homes and pending home sales. FHFA increased maximum loan limits permitted for mortgages held or guaranteed by Fannie Mae and Freddie Mac. Weekly readings for mortgage rates and first-time jobless claims were also released.
Case-Shiller Indicates Slow-Down in Home Price Growth
Home prices slowed their growth in September according to Case-Shiller. David Blitzer, CEO and Chairman of S & P Dow Jones Indices, said “Home prices plus data on house sales and construction confirm the slowdown in housing.
Rapidly rising home prices have sidelined new and moderate-income home buyers; slim inventories of homes for sale and recently rising mortgage rates also squeezed options for home buyers.
Home prices grew at a seasonally-adjusted annual rate of 5.70 percent in September as compared to 5.70 percent during August. September’s reading was the lowest in nearly two years, but remains close to twice the growth rate for wages.
Las Vegas, Nevada held first place for home price growth with a seasonally-adjusted annual growth rate of 13.50 percent. San Francisco, California followed with a year-over-year growth reading of 9.90 percent. Seattle, Washington held third place for home price growth with a year-over-year reading of 8.40 percent.
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