The median purchase rate increased from 6.25% to 6.38% in week 41, 2024. According to Mortgage News Daily, the avg. 30-year rate was 6.85% on Oct. 22 nd . Purchase volume was down 43% from the same week in 2019, and up 4% YoY, with volume slowing somewhat with increasing rates. Preliminary YoY HPA was 4.2% in September 2024. It is projected to be 4.4% and 4.6% for Oct. 2024 and the first three weeks of Nov. 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.
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