Home Prices Rise .7%



The FED raised the Federal Funds Rate by 25 bps on Wednesday 7/26 as most expected.

This move was already baked into the market, but the potential market-move was the FED comments and press conference.

The FED came off as less hawkish on another FED rate increase at the next meeting in September.

Currently the Federal Funds rate sits between 5.25% and 5.5%. 

Mortgage Rates improved some after the FED announcement but see-sawed up and down Thursday and Friday. 

Thursday saw Q2 GDP grow 2.4%, beating the expectation of 1.8%.  Friday saw the PCE inflation year-over-year number drop .8% to 3%.   

The positive economic numbers despite the FED’s fiscal policy is putting pressure on mortgage rates.

Next week, the Friday BLS Jobs Report will likely be the biggest market-mover of the week.

More job growth than expected likely pushes mortgage rates higher.

Job growth below expectations likely pushing mortgage rates lower. 

Overall, average mortgage interest rates went up slightly on the week – .05%.

According to Mortgage News Daily, the average conventional mortgage rate in the country is 7.04%.

See full rate survey below. 

Below is Green Home Loans rate sheet today.

We can go lower than these rates depending on how you want to structure costs.


Home prices rose .7% in May of 2023 and .6% in April 2023 according to the Case Shiller Home Price Index.

Home prices in many markets have been rising since January of 2023 despite higher mortgage interest rates.

Home appreciation for 2023 will likely fall between 5 and 7% for most markets.

See CNBC article below:


The 20 City Month Over Month Composite:

  1. Cleveland +2.7%
  2. Chicago +2.3%
  3. Detroit +2.3%
  4. San Diego +1.9%
  5. New York +1.9%
  6. Seattle +1.9%
  7. Minneapolis +1.6%
  8. Dallas +1.6%
  9. Washington +1.5%
  10. Miami +1.2%
  11. Boston +1.2%
  12. Charlotte +1.2%
  13. Los Angeles +1.2%
  14. San Francisco +1.0%
  15. Portland +1.0%
  16. Phoenix +1.0%
  17. Tampa +1.0%
  18. Atlanta +0.9%
  19. Las Vegas +0.9%
  20. Denver +0.7%

And S&P / Case-Shiller U.S. National Home Price Index


Serious delinquency mortgages (90+ days past due) dropped to their lowest levels since August 2006.

See Black Knight’s full article and chart below: