The housing market's resilience reflects a steady demand for purchase applications despite rising mortgage rates, surprising those who anticipated a significant downturn.
Six weeks of rising mortgage rates have yielded flat results in purchase applications, with three weeks showing positive data—a better outcome than earlier expectations.
Despite a year-over-year decline of 1%, last week saw a 2% week-to-week increase in purchase applications, implying some recovery amidst fluctuating mortgage rates.
Analysis of pending contract data reveals that even with higher home prices and mortgage rates than the previous year, demand remains surprisingly robust.
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