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Mortgage spreads improved to 2.01%, keeping rates near 6.60% as total pending sales rose to 422,120 vs 396,652 last year.

Mortgage spreads improved in 2026, keeping rates below 7% and helping demand hold up, even as oil spiked and inflation stayed hot.

The second half of 2026 hinges on whether demand stays positive with mortgage rates near 6.60% and tighter comps from July onward.

Pending sales rose to 75,856 vs 72,039 in 2025 as inventory turned negative year over year with mortgage rates near 6.58%.

Housing inventory turned negative year over year as supply hit 795,921 vs 803,479 last year, with rates at 6.56%.

Even if we go negative year over year soon, we are in a much healthier spot with inventory than we were from 2020 to 2023.

Pending sales rose to 78,006 and purchase apps rose 7% yearly, even as mortgage rates hit highs and yields neared 4.60%.

Pending sales rose to 79,220 vs 74,212 last year as rates dipped to 6.42% and inventory growth slowed to 1.49% year over year.

If mortgage spreads were at the highest levels from 2023-2025 with the 10-year yield at this level, mortgage rates would be over 7%.