Despite mortgage rates briefly falling below the 6% threshold, both housing inventory and mortgage demand fell last week. Let’s dive into the trend lines of the housing market.

First, here is a quick housing market rundown from last week:

• Purchase application data was negative 10% week to week — but still positive for the year
• Housing inventory decreased by 8,664 units, a more extensive inventory decline than we saw in the prior week
• The 10-year yield had a wild week, and mortgage rates did break under 6% for a day and then rose after the more substantial than-expected jobs number

Purchase Application Data

We took details ⇒

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