House prices continued to climb in February, with Case-Shiller and the FHFA both reporting growth of around 12% y/y. But while annual growth rates are at record highs on the FHFA measure, month-on-month growth has started to ease. And with mortgage rates likely to rise to 4.0% by the end of the year, that slowdown will continue. We expect house price growth will end 2021 at around 5% y/y.
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