Throughout 2018, consistent growth among three driving forces – mortgage rates, household income, and unadjusted house prices – defined the housing market. These three factors are also the core metrics that comprise the Real House Price Index (RHPI). November 2018 was no exception, as household income, mortgage rates, and the unadjusted house ... Read More ›

First American Chief Economist Mark Fleming was interviewed on both CNBC and Yahoo! Finance earlier this week and discussed the outlook for mortgage rates in 2019, the impact of student debt on millennial first-time home buyers and how baby boomers aging in place is limiting housing supply. Read More ›

First American Chief Economist Mark Fleming was interviewed on CNBC earlier this week and shared his perspective on today’s housing market and the outlook for 2019. Read More ›

For the second consecutive month, all three key drivers of the Real House Price Index (RHPI), household income, mortgage rates, and the unadjusted house price index, increased compared with a year ago. The 30-year, fixed-rate mortgage and the unadjusted house price index increased by 0.9 percentage points and 7.3 percent respectively. Even though ... Read More ›

Last week, the yield curve inverted, meaning the yield on short-run Treasury bonds exceeded the yield on long-run Treasury bonds, which prompted increased speculation that a recession may be on the horizon. The speculation is rooted in the historical correlation between yield curve inversions and recessions, which have occasionally followed one to ... Read More ›

In September, all three of the key drivers of the Real House Price Index (RHPI), household income, mortgage rates, and an unadjusted house price index, increased compared with a year ago. When household income rises, consumer house-buying power increases. When mortgage rates and house prices increase, consumer house-buying power decreases. The ... Read More ›