The article highlights the resilience of the housing market, emphasizing that despite economic turmoil and fluctuating mortgage rates, millions continue to buy homes annually. In recent years, even as mortgage rates peaked, leading to 18 weeks of declining purchase applications, a subsequent drop in rates spurred 14 weeks of positive growth. The historical trend suggests that when rates rise, demand initially dips but eventually rebounds. With consistent wage growth and increasing household formations, the market shows inherent strength, prompting unexpected increases in home buying activity.
The trend of home sales indicates that even with challenges like higher mortgage rates, the demand remains resilient as millions buy homes annually.
Despite rising mortgage rates leading to initial decreases in demand, the housing market has shown resilience, with unexpected growth after a period of decline.
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