There have been three consecutive weeks of year-over-year growth in purchase application and pending contract data, indicating a temporary rebound despite contextually high mortgage rates.
Even though October's figures show growth against 2022 and 2023's record lows, perspective is vital as last year's mortgage rates were nearing 8%, impacting demand significantly.
The recent surge in mortgage rates has interrupted a six-week streak of positive purchase applications, demonstrating how sensitive demand is to rate fluctuations.
Historically, increased mortgage rates lead to a downturn in demand growth, which is evident from the recent purchase application data trends following rate hikes.
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