Insight
Mortgage rates would be over 7% if mortgage spreads were at their worst levels from 2023, 2024, or 2025.
Mortgage spreads are the only thing keeping rates under 7%
Summary
Mortgage rates remain under 6.65% due to improved mortgage spreads, avoiding the 7%+ rates that would stifle the housing market. Data reveals positive year-over-year pending home sales, while inventory growth slows. Hosts should watch for peak season sales and consider the impact of rising oil prices and Fed policy.
Key takeaway