Spring Housing Hits a Wall
Mortgage rates just hit spring housing demand hard.
Applications fell, buyers backed off, and the market slowed right when sellers needed more action.
When demand drops this fast, weak sellers lose power and prices start to slip.
That is when a frozen market starts to turn into a distressed one.
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Higher Mortgage Rates Trigger Sharp Drop in Applications
Mortgage rates moved above 6.5% and applications fell hard. Refi demand took the biggest hit, while purchase activity slipped more modestly. Higher rates and rising uncertainty are starting to weigh on spring buyer demand.
New Home Sales Plunge to 3-Year Lows
New home sales just hit a three year low. Buyers are pulling back, supply is building, and inventory jumped to 9.7 months. Prices are slipping too, which tells you builders are chasing demand that keeps getting thinner.
There Goes the Spring Selling Season: Mortgage Rates Jump, Mortgage Applications to Purchase a Home Drop
Spring selling season is already looking shaky. Rates jumped, buyers pulled back, and purchase apps are stuck near rock bottom. The market still feels frozen, and every move higher in mortgage costs keeps demand locked on the sidelines.
Has Energy Uncertainty Changed our Housing Market Outlook for 2026?
The 2026 outlook got weaker as rates and inflation uncertainty picked up. Sales could still rise if the shock fades soon, but the longer it lasts, the smaller the rebound gets. If higher rates and softer demand stick all year, sales could slip again.
Homes Still Remain Unaffordable in First Quarter
Homes are still out of reach in almost every county. Wages are rising, but prices and rates keep buyers squeezed. Affordability improved a touch this quarter, yet the market still leans hard against the average buyer.
Update on the “Lock-in Effect” in the Housing Market: Below-3% & 4% Mortgages Fade Very Slowly
The lock-in effect is easing slowly. The share of mortgages below 4% keeps declining, but they still make up just over half of all outstanding loans. That continues to limit turnover and keep the housing market tight.
