Amid a Santa Claus rally in mortgage rates, the housing market is witnessing a significant uptick in demand, especially reflected in Boston condo sales, indicating a potential turnaround in sales trends.
The improvement in pending contract data suggests a real-time demand revival in housing, as the market reacts positively to the recent decline in mortgage rates since June.
The latest purchase application data has surprised many, showing unexpected growth despite elevated mortgage rates, which suggests a resilience in market interest.
If mortgage rates stabilize between 5.75% and 6.25% for a year, housing demand could significantly increase, surprising many as the previous sales levels were exceptionally low.
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