Mortgage rates remained under pressure as Treasury yields climbed, driven by persistent inflation concerns, global bond market weakness, and expectations for additional Fed rate hikes.
Mortgage rates rose to 7.5%, slowing activity. Purchase applications fell 15% year over year, while refinances dropped 56%.
Home values remained relatively stable, rising 1.8% annually. Meanwhile, strong Treasury auctions helped yields retreat from recent highs, offering some relief toward the end of the week.
Next week, inflation reports, retail sales, and existing home sales will provide fresh insight into the economy and the direction of mortgage rates.
Bottom line: Mortgage rates remain elevated, but improving bond market conditions could offer some relief. Buyers should also know that 20% down is not always required, and exploring lower down payment options may make homeownership more accessible.
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