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Mortgage rates near 7.5% amid bond volatility hits weekly housing demand

Pending sales fell to 59,316 and purchase applications were down 11% year over year in the latest weekly tracker.

Reported · Written up by our desk · Mortgages

HousingWire reports that housing demand weakened as mortgage rates approached 7.5% amid unusually high bond market volatility. According to the weekly tracker, pending sales fell to 59,316, price cuts rose to 42.5%, and purchase applications declined 11% year over year.

The outlet also said mortgage rates climbed to 7.49% before settling at 7.43% after a volatile bond market. HousingWire linked the move in rates to conflict headlines and hawkish Fed statements.

HousingWire reported that inventory edged up to 895,398. The article also notes that the prior MOU deal broke apart in June, and it said the 10-year yield and oil prices have moved more in lockstep since then.

Looking ahead, HousingWire argues that getting mortgage rates toward 8% would likely require the conflict to worsen, saying the outlook for 8% is tied to developments in the current war. It adds that it has been seven months into the conflict.

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