General World News

Housing Market Tracker: Mortgage rates spike as inventory falls

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 ⇒

    BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com