Housing demand is experiencing stability due to lower mortgage rates, with the potential for stronger sustained demand growth if rates can remain consistently below 6%.
Despite seasonal expectations, recent pending contract data reveals a shift in housing demand, indicating resilience even amidst affordability challenges in the current market.
This year’s purchase application data has shown a noteworthy recovery with five weeks of consecutive gains, marking the first positive year-over-year trend since 2022.
We must recognize the annual context against rising mortgage rates last year, which had significantly hindered purchase applications, yet the current trend appears promising.
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