Purchase applications drive small mortgage application increase
Mortgage rates rose to 6.4%, purchase demand strengthened year-over-year while refinance activity slowed and government loan programs gained share amid affordability challenges.
Lower mortgage rates boosting demand early in 2026
Purchase applications and weekly pending home sales show sustained week-over-week and year-over-year gains, accompanied by modestly rising but stable mortgage rates around 6.2%.
Housing demand has reached multiyear highs as mortgage rates near 6%, purchase applications rise, and inventory growth slows sharply toward single digits.
Despite economic uncertainty, weekly housing demand up double digits over 2024
Weekly pending home sales rose 15.36% year-over-year and purchase applications increased 31%, supported by mortgage rates staying under 6.64% for 15 weeks.
