The housing market experienced more volatility last week, with housing inventory dropping as mortgage rates moved higher.

Here is a quick rundown from last week:

• Purchase application data had a 3% week-to-week increase. The start of 2023 has been good, considering mortgage rates have stayed above 6% most of the time.
• Weekly housing inventory continues to decline, as we saw a decrease of 13,238 units, double the amount we had this time last year. However, we are working from a higher level in 2023.
• The 10-year yield jumped aggressively, continuing the decisive move from jobs Friday, and mortgage rates details ⇒

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