by Wolf Richter
Wolf Street
Raging mania to lock in mortgage rates when they were still at 3.2%. But now they’re near 5%.
So now we have a new snapshot of the incredibly spiking home prices, topping out at over 30% year-over-year in Phoenix and Tampa, according to the S&P CoreLogic Case-Shiller Home Price Index today. But these prices predate the Great American Mortgage Rate Spike.
What time span are we talking about?
The “January” home price data released today are a three-month moving average of closed sales that were entered into public records in November, December, and January, reflecting deals and mortgages that were agreed to roughly in October through December, when the average 30-year fixed mortgage rate was around 3.2%. Now, the average 30-year fixed mortgage rate is flirting with 5%, according to Mortgage News Daily, and today’s home price data is still untouched by that spike in mortgage rates: