"The last three years have shown that when mortgage rates fall below 6.64% and head toward 6%, purchase application data improves, especially week-to-week. In the past few years, we weren't able to hold rates down near 6% long enough to get real traction. This year, we have been able to hold rates below 6.64% for 18 weeks, which has been the best 18 weeks of the year."
"23 positive readings 18 negative readings 6 flat prints 44 straight weeks of positive year-over-year data 31 consecutive weeks of double-digit growth year over year We can also see it in our total pending home sales data, as demand is at a multi-year high this last week. In my 2025 forecast, I anticipated the following ranges: Mortgage rates between 5.75% and 7.25% The 10-year yield fluctuating between 3.80% and 4.70%"
When mortgage rates decline below 6.64% and approach 6%, purchase application activity strengthens, producing better week-to-week results. Rates were held below 6.64% for 18 weeks, yielding 11 positive and 7 negative week-to-week prints and 18 weeks of double-digit year-over-year growth. For the full year there were 23 positive readings, 18 negative readings, 6 flat prints, 44 straight weeks of positive year-over-year data and 31 consecutive weeks of double-digit growth. Total pending home sales reached a multi-year high. Forecast ranges for 2025 included mortgage rates between 5.75% and 7.25% and a 10-year yield between 3.80% and 4.70%.
Read at www.housingwire.com
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