"Purchase application data had another positive week, both on a weekly and yearly basis. The main goal with this data set is to achieve at least 12-14 weeks of week-to-week gains, and so far, the year is heading in that direction. Last week, we observed 5% week-over-week growth and 18% year-over-year growth. In 2026, the extremely low threshold for year-over-year growth in this index is now gone, so it's somewhat surprising that we've reported double-digit year-over-year growth for both weeks."
"Last week, global events such as the global summit in Davos and significant volatility in Japan's bond market impacted financial markets. The U.S. and Japan discussed an intervention plan to support the yen, which shows you how much drama we had in the bond markets last week. Mortgage rates rose from 6.07% to 6.21%, ending the week at 6.19% according to Mortgage News Daily. Considering the events that happened last week, not too bad."
Purchase application data posted week-over-week and year-over-year gains, with a 5% weekly increase and 18% annual growth. The data target is 12–14 consecutive weekly gains, and 2026 has shown early momentum with two positive weekly prints and two weeks of double-digit year-over-year growth. Purchase applications typically lead sales by 30–90 days. Weekly pending home sales also rose, reaching 56,252 in 2026 versus 52,165 in 2025, and often lead existing home sales by 30–60 days. Forecast ranges anticipate mortgage rates of 5.75%–6.75% and a 10-year yield between 3.80% and 4.60%. Recent global bond volatility and a U.S.-Japan yen intervention discussion coincided with mortgage rates climbing to about 6.19%–6.23% as spreads improved.
Read at www.housingwire.com
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