Housing demand is still positive even with epic snowstorm

"With an epic snowstorm hitting large areas of the U.S. recently, I expected housing data to take a hit after the solid start we had already seen in 2026, but it remained mostly positive, which surprised me. The big key to that, of course, is that mortgage rates, even with all the crazy headlines recently, are still near 6% and didn't show much volatility even with all the Fed news we had last week."

"2026 has had the best start to purchase application data in years, with multiyear highs in this index last seen in early 2023, when rates reached 5.99% before rising to 8% later that year. However, this year, conditions differ markedly for mortgage rates: the Fed has already cut rates substantially since 2023 and mortgage spreads are roughly back to normal."

"These applications typically lead sales data by 30 to 90 days. Here's 2026 so far: 2 positive week-over-week results 0 negative week-to-week prints 1 flat week-to-week print 3 weeks of double-digit year-over-year growth Weekly pending home sales offer a week-to-week perspective, though results can be affected by holidays and short-term fluctuations. Last week once again showed positive week-to-week and year-over-year growth. I was really shocked by the growth here."

Housing data remained mostly positive in early 2026 despite an epic U.S. snowstorm. Mortgage rates stayed near 6% and showed limited volatility even after recent Fed headlines. Purchase applications reached multiyear highs and represent the best start in years, with comparisons to early 2023. The Fed has cut rates since 2023 and mortgage spreads are roughly back to normal. Purchase applications were down 0.4% week-over-week but up 18% year-over-year, and they typically lead sales by 30 to 90 days. Weekly pending home sales also showed week-over-week and year-over-year gains and remain sensitive to holidays and weather.

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