Purchase Applications

Last week, as the 10-year yield hit 4.74%, weekly pending sales rose to 69,109 and while inventory increased to 872,932.

Spreads were 1.94%, keeping rates below 7%, while purchase apps were up 0.2% yearly and pending sales held near flat.

Weekly housing indicators suggest a modest cooling as mortgage rates spent most of last week above 6.64% and the Iran conflict escalates.

Pending sales rose to 63,971 versus 61,143 in 2025, inventory ended at 844,011, and price cuts were 39.57% versus 41%.

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%.