U.S. Mortgage Applications Jump 17% as Inventory Hits 816,924 Under Sub-6.64% Rates
Updated
Updated · HousingWire · Jun 13
U.S. Mortgage Applications Jump 17% as Inventory Hits 816,924 Under Sub-6.64% Rates
1 articles · Updated · HousingWire · Jun 13
Summary
Mortgage purchase applications rose 7% from a week earlier and 17% from a year earlier, signaling stronger near-term homebuying demand despite rates sitting near 2026 highs.
Rates staying mostly below 6.64%, improved affordability from wage growth, and tighter mortgage spreads helped support demand; Trump’s January order for Fannie Mae and Freddie Mac to buy $200 billion of MBS pushed spreads back near normal.
Inventory climbed to 816,924 from 806,198 in the latest week, but remained below the same period last year, showing supply is still lagging demand even as listings increase seasonally.
New listings reached 81,754 versus 78,284 a year earlier, still below the typical 80,000-100,000 normal range, while the share of homes with price cuts fell to 37.93% from 40%.
The next test for housing is the bond market’s reaction to a possible Iran deal, the Fed meeting and fresh economic data, because another move toward 6% mortgage rates could further lift sales.