"Despite higher oil and gas prices and rising mortgage rates, existing home sales posted another positive week. However, maintaining that growth becomes increasingly difficult as mortgage rates exceed 6.25%."
"Historical data shows that housing performance declines when mortgage rates surpass 6.64% and exceed 7%. The last five weeks have shown positive pending sales, but future trends remain uncertain."
"Weekly pending sales data provides a week-to-week perspective, but results can be influenced by holidays and short-term fluctuations. Rates hitting yearly highs could impact future sales."
Pending home sales increased to 71,230, with purchase applications up 12% year over year. Despite rising oil and mortgage rates, existing home sales showed positive trends. However, sustained growth is challenged as mortgage rates exceed 6.25%. Historical data indicates that rates above 6.64% negatively impact sales. The upcoming weeks are critical, especially if the crisis extends beyond March 21, as prolonged high rates could alter housing market forecasts. Weekly pending sales data reflects short-term fluctuations, with a potential risk of negative growth due to rising rates.
Read at www.housingwire.com
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