US Home Prices Surge in January, Mortgage Rates Show Signs of Decline, Existing Home Sales Rise and Top Mortgage Lender Revealed

US home prices continued their upward climb in January, with the S&P CoreLogic Case-Shiller US National Home Price NSA Index showing a 6.0% year-over-year increase, surpassing the previous month’s 5.6% rise. The 10-City Composite and 20-City Composite also posted significant annual gains of 7.4% and 6.6%, respectively. San Diego and Los Angeles led the charge with double-digit increases in home prices.

Furthermore, mortgage rates showed signs of decline after weeks of consistent increases, providing potential relief to prospective homebuyers. The average interest rate on a 30-year fixed conforming mortgage dipped slightly to 6.92%, while the 15-year fixed conforming mortgage rate also saw a decrease.

In terms of existing home sales, February saw a 9.5% increase in sales on a monthly basis, although year-over-year sales were down by 3.3%. The Northeast region faced inventory constraints but remained the best performer in terms of home prices. New home sales, on the other hand, experienced a slight decline from the previous month but saw a 5.9% increase year over year.

Pontiac, Mich.-based UWM Holdings Corp. maintained its position as the top US residential mortgage lender, originating $77.93 billion in mortgages in 2023. Despite a 35.8% year-over-year decrease in the total value of residential mortgages originated, UWM Holdings Corp. stood out as a key player in the mortgage lending market.