Despite high mortgage rates remaining elevated, recent data indicates an unexpected resilience in the housing market. The week-to-week decline in mortgage applications was only 5%, much less than anticipated. Year-over-year growth improved to 13%, showing promise amid a low baseline. Additionally, the new home sales market reported a 14% month-to-month growth. Analysts warn that future comparisons may be more challenging, but the latest figures suggest a positive shift in housing demand, despite previous trends indicating weakness in the face of rising rates.
Given the recent market conditions, the week-to-week decline in mortgage applications was only 5%, much less than anticipated, while year-over-year growth improved.
Surprisingly, the data revealed unexpected strength in new home sales and purchase applications, with month-to-month growth showing 14% and year-over-year growth at 5.5%.
Last year’s increasing mortgage rates resulted in a significant downturn with 14 negative prints, while current data points show a more resilient housing market overall.
Unless mortgage rates trend towards 6%, substantive growth in housing demand has rarely been seen, but current figures suggest a positive year-over-year shift.
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