OFHEO 3Q Price Index

House price appreciation slowed in the third quarter to an 11.4% annual rate, down from a 14.2% annual rate in the second quarter, according to the Office of Federal Housing Enterprise Oversight.OFHEO chief economist Patrick Lawler pointed out that a number of the hottest housing markets experienced a deceleration in prices in the third quarter, when the 30-year mortgage rate was below 6%. In October, the 30-year rate moved above 6%, which could be a drag on prices. "To the extent that those increases may have affected prices, those effects will be evident in future quarters," Mr. Lawler said. Average price appreciation was 2.86% in the third quarter, compared with 3.50% in the second quarter.