The article outlines a significant rebound in purchase applications, increasing by 11% week-over-week and 13% year-over-year after a series of declines. It discusses the resilience of home sales amidst rising mortgage rates, particularly noting the stability of the market even with higher rates. The author anticipates mortgage rates will range between 5.75% and 7.25%, with expectations of variability in the 10-year yield. Despite some slowing in pending home sales data, the overall housing market shows strength relative to past years, indicating sustained demand and positive trends.
Purchase applications increased by 11% week over week and 13% year over year, highlighting a significant rebound after three weeks of declines.
Despite higher mortgage rates, total pending home sales data indicates that housing demand remains firm compared to last year, showcasing resilience.
Current mortgage rates are expected to fluctuate between 5.75% and 7.25%, while the 10-year yield is anticipated to range from 3.80% to 4.70%.
Even with slowing total pending home sales data due to higher rates, the overall housing market shows strength compared to previous years.
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