Housing demand has reached multiyear highs as mortgage rates near 6%, purchase applications rise, and inventory growth slows sharply toward single digits.
Mortgage applications dip as refinance activity grows
Falling mortgage rates boosted refinance activity and ARM applications while purchase applications fell week-over-week but remained 20% above last year.
30-year mortgage rates edged down to 6.42% while overall mortgage applications fell, purchase applications declined, and refinance activity comprised 53.6% of applications.
Despite economic uncertainty, weekly housing demand up double digits over 2024
Weekly pending home sales rose 15.36% year-over-year and purchase applications increased 31%, supported by mortgage rates staying under 6.64% for 15 weeks.
