Mortgage Rates improved slightly this week as investors hope there will be a conflict resolution that helps with oil prices. Mortgage rates are down 0.375% from this time last year.
Home Values – Case-Shiller released their home price index for March which showed home values rose 0.7%, but when adjusted for seasonality they declined 0.2%. Year over year values are up approximately 1%
Home Value Expectations Fanniemae released their Home Price Expectations Survey The Survey looks at a 5 year forecast of home values from the top 150 economists in the US. The median forecast is a 14% rise in home values over the next 5 years. For a $500,000 home that would be a $70,000 increase over a five year period.
Rents – Apartmentlist released their monthly rents report and it showed that new rents rose 0.5% last month but rental prices remain down 1.5% year over year.
Inflation – the Personal Consumption Expenditures (PCE) report for April showed that headline all-in inflation rose 0.4%, and is up 3.8% year over year. The core reading, which strips out food and energy prices, rose 0.2% in April and is up 3.3% year over year.
Mortgage Applications to purchase homes were flat last week. Purchase activity is up 5% year over year. Refinances fell 18% last week but are up 19% from this time last year. Refinance application make up 38% of transactions, the lowest share since June 2025.