The article highlights a positive shift in purchase application data amidst high mortgage rates, suggesting a potential for increased housing sales if rates stabilize around 6%. Inventory levels are low, creating favorable conditions for sales at these interest rates. Last year, the housing market was unstable with negative trends in applications; however, this year shows substantial improvements with consistent growth. Despite some volatility due to external factors like tariffs affecting yields, the general outlook remains optimistic with projections for year-over-year growth in existing home sales as trends normalize.
The noticeable trend in purchase application data suggests that if mortgage rates can stabilize around 6%, it could lead to increased sales and better housing data.
Despite high mortgage rates, the current year's housing trends are positive, marked by 11 positive prints in purchase applications and 19 weeks of consistent year-over-year growth.
Collection
[
|
...
]