"Housing demand was running very smoothly this year, having its best start in years, even with the snow events. We saw multi-year highs in purchase apps and in our weekly pending home sales."
"Purchase application data has been positive year over year for every week this year, but last week we saw a hit in demand: week-to-week data declined 5%, and year-over-year growth slowed from 12% to 5%."
"It's a very frustrating reality that the war has changed mortgage rates so quickly in March. For those in the mortgage and real estate industries who had rates under 6.25% with no volatility, seeing rates move with every headline makes the process of locking rates and getting people in homes much more difficult."
"Hopefully, we will get some closure soon because things can get a lot worse with this conflict and rates can go higher, as we still have some legroom to reach my peak forecast of 4.60% on the 10-year yield."
Housing demand experienced a strong start this year, with high purchase applications and pending home sales. However, a recent 5% decline in week-to-week demand and a slowdown in year-over-year growth from 12% to 5% indicate challenges ahead. The impact of the ongoing war has caused mortgage rates to fluctuate, complicating the home-buying process. The potential for further increases in rates remains, with forecasts suggesting a peak of 4.60% on the 10-year yield. Upcoming updates will clarify the situation in the housing market.
Read at www.housingwire.com
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