Mortgage rates headed higher, up almost 3/4 percentage points from a year ago www.freddiemac.com/pmms pic.twitter.com/kzeLQyne4c

The avg. 30yr FRM rises to 7.17% www.freddiemac.com/pmms Chief Economist @TheSamKhater: "With rates staying higher for longer, many homebuyers are adjusting, as evidenced by this week’s report that sales of newly built homes saw the biggest increase since December 2022."

Housing demand is making a healthy recovery compared to last year. Purchase demand growth is spread throughout the country, but the most considerable growth is coming out of midwestern and southern states. However, some previously hot markets are moderating.

It’s not a coincidence that housing markets where resale supply is now rising the fastest also had a new home construction boom this cycle. Any red market below saw new home construction this cycle exceed the 2004-2006 subprime peak. pic.twitter.com/PEn2V32Rjj