U.S. Cities Median House Prices vs. 30-year fixed mortgage rates vs. Percent changed GDP
(Multiplying mortgage rates and/or GDP by 10,000 often provides better visual correlation to median price.)
Compares median home prices in 330 U.S. cities to 30 year fixed mortgage rates and/or Percent changed GDP.
Mortgage contract rates are 30-year, fixed-rate conventional home mortgage commitments averaged for all days during a quarter. Source: Freddie Mac
Gross domestic product is provided as percent change from preceding period in real gross domestic product: percent; SAAR (quarterly)
“House prices pertain to median values for single-family dwelling units and are based on the 2000 Census of Housing. That point-intime Census estimate is then extrapolated, based on price indices published by the Office of Federal Housing Enterprise Oversight (OFHEO). Because OFHEO has acknowledged that these price indices overstate increases when refinance activity is strong, we further adjust the data to correct for this influence.”...Global Insight