General World News

Housing Market Tracker: Purchase apps surprise

Mortgage rates were near 7% last week but purchase applications were still able to pull out an 8% week-to-week gain. That was surprisingly strong, but as I have always stressed, context is critical. Purchase apps were coming off a four-week losing streak and even though those were mild week-to-week declines, it was still four weeks of weakness. The recent growth broke that streak, but demand is still low.

Active housing inventory grew while new listing data fell. Mortgage rates hardly budged last week, even with the Federal Reserve‘s announcement it was pausing rate hikes and details ⇒

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