Increases in single-family rents soared in the post-pandemic environment but have now moderated to the annual levels in the pre-pandemic years of 2010 to 2019. CoreLogic’s Single-Family Rent Index (SFRI) recorded an annual increase of 3.4 percent in May. Since the start of the pandemic, single-family median rents have increased by $470, or 30 percent. The company, however, does not see rents declining in the near term. “After increasing at an accelerated pace for more than two years, annual single-family rent growth returned to its pre-pandemic rate in May,” said Molly Boesel, principal economist for CoreLogic. “High inflation may be affecting renters’ abilities to absorb continually higher monthly payments, which could be keeping year-over-year rent increases relatively low. However, even in the current economic environment, monthly single-family rent increases returned to a typical seasonal pattern in February of this year, suggesting that single-family rents are poised to continue increasing throughout 2023 .” The Chicago area had the highest annual increase among the 20 largest markets, 6.6 percent. The median monthly rent in that metro is currently $2,327. Charlotte, North Carolina had the second largest annual gain at 5.9 percent, followed by Boston and New York, each at 5.7 percent. Of the 20 metros shown in Table 1, Chicago posted the highest year-over-year increase in single-family rents in May 2023, at 6.6%. Charlotte, North Carolina was second with an annual gain of 5.9 percent, followed by Boston and New York (both at 5.7 percent.)

July 18, 2023 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Jul 18, 2023 Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 European Bonds Set The Tone; US Data Adds Volatility Tue, Jul 18, 2023 1:27PM Today's session was off to a stronger start thanks to a sharper rally in European bonds overnight, but domestic economic data pushed back early.  This wasn't immediately obvious due to the headline "miss" in Retail Sales, but the "control group" (excludes autos/gas/building materials) beat expectations 0.6 to 0.3.  As we enter the PM hours, the&nbs... (read more) MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/7 12:02PM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/7 12:02PM EST Other News Rent Increases Return to Pre-Covid Levels Tue, Jul 18, 2023 2:18PM Increases in single-family rents soared in the post-pandemic environment but have now moderated to the annual levels in the pre-pandemic years of 2010 to 2019. CoreLogic’s Single-Family Rent Index (SFRI) recorded an annual increase of 3.4 percent in May. Since the start of the pandemic, single-family median rents have increased by $470, or 30 percent. The ... (read more) NAHB: Fed Has Housing Economics “Backwards” Tue, Jul 18, 2023 11:00AM Builder confidence in the market for newly constructed homes rose another point in July according to the National Association of Home Builders (NAHB). The NAHB/Wells Fargo Housing Market Index (HMI) hit 56 in its seventh straight month of improvement. This is a 25-point gain since its December 2022 low and its highest level since June of last year. NAHB... (read more) FHA Jobs; Outsourcing, Insurance, Fraud Stats, eSign, HELOC Products; Webinars and Training; MBA on CFPB Enforcement Tue, Jul 18, 2023 11:08AM There’s a definite shift going on in banks as continued layoff rumors in jumbo and portfolio divisions are rampant. At the other end of the job chain, people’s circumstances about how they entered our business are often fortuitous, or interesting. A good conversation topic at mortgage gatherings is how someone got into the business. Santa Rosa’s Brian Gouldi... (read more) Latest Video Rejection rates on new loan applications have hit the highest since 2013, s... Homebuilder sentiment rises in July One week of better inflation data does not 'a new trend make', says Citi's ... Bank earnings have started better than expected, says Piper Sandler's Scott... Around the Web Calculated Risk Blog Will house prices decline further later this year? Eye on Housing Homeownership across US Counties Eye on Housing Builder Confidence Edges Higher Despite Rising Rate Concerns Calculated Risk Blog Retail Sales Increased 0.2% in June CNBC Treasury yields fall as investors await fresh economic data CNBC More Americans are moving to Spain and paying high prices for real estate Calculated Risk Blog Industrial Production Decreased 0.5% in June Calculated Risk Blog Housing July 17th Weekly Update: Inventory increased 1.2% Week-over-week; Down 7.5% Year-over-year CNBC Treasury yields fall as investors assess state of U.S. economy Eye on Housing Single-Family Permits Decline in May 2023 CNBC Biden administration announces student debt forgiveness for 804,000 federal borrowershere's who qualifies Eye on Housing Residential Building Workers Wage Growth Trending Down CNBC Europe stocks set for lower open as momentum wanes; China GDP misses expectations

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