Weekly Mortgage & Housing Market Recap

How It Started

The week began with mortgage rates remaining elevated as higher oil prices and global tensions kept inflation concerns in focus. Oil climbed above $90 per barrel this week, which can increase inflation. When inflation stays elevated, mortgage rates often follow. Many buyers hoping for lower rates are still waiting for signs that borrowing costs will ease.

Where We Are Now

Purchase mortgage applications increased, and new home sales came in stronger than expected. Buyers are adjusting to today's market rather than sitting on the sidelines. At the same time, many households are feeling financial pressure, making it more important than ever to manage debt and prepare before purchasing. Homeowners, however, continue to benefit from record levels of home equity.

Where We're Headed

Next week's Federal Reserve meeting and key inflation and jobs reports could have a major impact on mortgage rates. While it's impossible to predict short-term movements, the housing market remains active, and being financially prepared is still more important than trying to perfectly time the market.