Another week down in 2023 and we’re seeing crazier action in the housing market as purchase application data fell, mortgage rates rose again, and weekly inventory took another dive with a noticeable move lower in new listing data.
Here is a quick rundown from last week:
- Purchase applications fell 6% weekly as the market digested the first round of higher rates.
- Weekly housing inventory fell again by 6,858, keeping the post-2020 theme that housing inventory bottoms out a bit later than usual.
- The 10-year yield had a rough week, almost reaching 4% intraday before falling Friday afternoon. Mortgage rates hit 6.80%, marking details ⇒
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