As mortgage rates trend lower again and some of the labor data is at risk for more downside, it's time to keep a close eye on how much demand lower rates will generate if they fall more over the next 6-12 months.
The year-to-date data for 2024 is unfavorable, with 8 positive prints, 13 negative prints and two flat prints, suggesting limited real mortgage demand growth at high rates.
While we are far from being average with the spreads, the fact that we have seen this improvement is a plus.
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