Annual house price growth on both the Case-Shiller and FHFA measures has been fairly stable since the start of the year. After dropping for the first time in 18-months in January, growth on the national Case-Shiller index returned to 6.3% in February. A rise in debt-to-income ratios looks to have supported house price gains over the past few months but, with mortgage interest rates now on the rise, we still expect a slight moderation in growth this year.
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