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Daily Dose

Mortgage Rates Hit Highest Point Since Spring 2002

Not since spring of 2002 have fixed-rate mortgages been as high as they were reported this week, and when combined with mortgage app volume sliding for the fourth straight week, affordability headwinds continue to impact housing demand.

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New Construction Keeping the Housing Market Afloat

Overall housing inventory dropped 15% year-over-year in June, remaining at an all-time low. A new market report from Redfin revealed that homebuyers are turning to new builds as many homeowners continue clinging to their low existing mortgage rates, contributing to the ongoing lack of supply.

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New Building Permit Numbers Beats Expectations

“U.S. housing starts in July were at a seasonally adjusted annual rate of 1.452 million, which is 3.9% above the downward revised June estimate of 1.398 million and is 5.9% above the July 2022 rate of 1.371 million,” First American Deputy Chief Economist Odeta Kushi said.

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