Key Points:
After reaching recent lows around 6% in the third quarter of 2024, mortgage rates have generally risen through the first weeks of 2025.
- Refi application volume measured by MBA’s survey has decreased from Q3’24 levels, though activity is elevated year-over-year.
- Purchase activity is little changed from last year.
MBA Applications Survey: Year-over-Year Trends
The pace of new single-family home sales rose in December; sales are up by 6.7% year-over-year.
- In the near-term, sales are supported by units in the construction pipeline.
- Single-family units under construction are down 23% from peak levels in 2022, though up 26% from 2019 average levels.
New Single Family Home Trends
