This past week brought the release of two housing reports that track the pace of home sales each month and they told distinctly different stories. Which one is telling the truth?
Source: Kevin Litwicki MBSLIVE
Lots at Stake For Rates Next Week; Which Housing Report is Telling You The Truth?

Mortgage rates finally broke the 8% ceiling this week after months of gradual upward movement in the 7% range. At the same time, Existing Home Sales fell to the lowest levels in more than a decade. Pretty gloomy, but there are silver linings and perhaps even some overly optimistic Kool Aid to drink. As always, we’ll try to focus on the warm bowl of porridge in the middle.
Source: Kevin Litwicki MBSLIVE
Doom, Gloom, Kool Aid, And Warm Porridge

After hitting the highest levels in decades last week, mortgage rates dropped sharply at the beginning of this week. At first glance, this was a classic flight to safety following the outbreak of the Israel-Hamas Conflict, but at the same time, markets were possibly just as interested in a change in tone from the Fed.
Source: Kevin Litwicki MBSLIVE
Rates Reacting to War and The Fed, But Maybe Not For Long

Rates were already high coming into this week. As of last Friday, that meant an average 30yr fixed rate just under 7.5%. As of this Friday, we’re closer to 8%.
Source: Kevin Litwicki MBSLIVE
Rates Surge Toward 8% After Jobs Data; Can "Spreads" Help?