The latest weekly pending contract data reveals continued year-over-year growth at 1%, indicating a possible slowdown in housing demand due to rising mortgage rates.
Despite a 1% increase in pending contracts year-over-year, the impact of current mortgage rates over 7% raises concerns about future demand in the housing market.
Weekly pending contract data is seasonal, and while the number remains slightly positive, higher mortgage rates could challenge ongoing growth as we enter a crucial selling period.
With anticipated fluctuations in mortgage rates, tracking purchase applications is critical to understanding buyer sentiment and market dynamics in the face of financial pressures.
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