Throughout the past three weeks, the mortgage industry has experienced consistent positive year-over-year growth in both purchase application data and weekly pending contract data. Last week specifically saw a significant increase compared to the same period last year. Despite this recent upward trend, it is important to acknowledge the context of the previous year when mortgage rates were on the rise, ultimately reaching a high of 8%. This escalation in rates significantly impacted the market, leading to record low sales levels in 2023.
Key points from the text include:
– Three weeks of positive year-over-year growth in purchase application data and weekly pending contract data
– Last week marked a noticeable jump in activity compared to the previous year
– Contextual reference to mortgage rates reaching 8% in the previous year
– Record low sales levels experienced in 2023 as a result of escalating mortgage rates
You can read this full article at: https://www.housingwire.com/articles/why-housing-demand-is-now-showing-year-over-year-growth/(subscription required)
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