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The Federal Housing Finance Agency House Price Index shows house prices rose 1.5 percent in the fourth quarter of 2016, the agency announced Thursday.

The index showed that prices rose 6.2 percent from the fourth quarter of 2015 to the fourth quarter of 2016. The index is calculated from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac.

"Although interest rates rose sharply during the fourth quarter, our data show no signs of a home price slowdown," said FHFA Deputy Chief Economist Andrew Leventis. "Although it will certainly take more time for the full effects of the elevated interest rates to be felt, there is no evidence of a normalization in the unusually low inventories of homes available for sale, which has been the primary force behind the extraordinary price gains."

NAFCU Research Assistant Yun Cohen, in a Macro Data Flash Wednesday, noted that existing-home sales grew 3.3 percent in January despite low inventory levels and higher mortgage rates.