Mortgage rates are on the decline, showing a 9% increase in purchase applications week-over-week and a 2% rise compared to the same period last year. This trend hints at a potential awakening of the housing market, especially with rates dropping from 6.64% to 6%. However, a complete revival is not evident, as context is essential—housing data has seen improvement post-rate drops, although historical levels remain significant. Positive growth has been noted recently, yet it will take time for this to reflect in sales data, with a careful eye on mortgage trends moving forward.
Mortgage rates are declining, showing a 9% week-to-week increase in purchase applications and a promising 2% rise compared to last year.
The latest data suggests a stabilization in the housing market, although we still aren't experiencing a full revival just yet.
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