Five straight weeks of falling mortgage applications. The 30-year rate hit 7.49%—highest in nearly three years.
This is what happens when the Fed cuts rates but long-term bonds don't cooperate. The market prices reality, not intentions.
Housing demand doesn't care about headlines. It cares about monthly payments. And right now, those payments are crushing dreams.
The psychology here matters more than the data. People who were waiting for "lower rates" just watched them move the wrong direction. Hope deferred makes the wallet sick.
We're in this strange place where short rates fall but mortgage rates rise. That's the bond market telling you something about inflation expectations, deficit spending, or both.
Meanwhile, homeowners locked in at 3% aren't moving. Inventory stays tight. First-time buyers stay locked out. The whole system calcifies.
This isn't a housing crash. It's a housing freeze. Different problem, same pain.
This is what happens when the Fed cuts rates but long-term bonds don't cooperate. The market prices reality, not intentions.
Housing demand doesn't care about headlines. It cares about monthly payments. And right now, those payments are crushing dreams.
The psychology here matters more than the data. People who were waiting for "lower rates" just watched them move the wrong direction. Hope deferred makes the wallet sick.
We're in this strange place where short rates fall but mortgage rates rise. That's the bond market telling you something about inflation expectations, deficit spending, or both.
Meanwhile, homeowners locked in at 3% aren't moving. Inventory stays tight. First-time buyers stay locked out. The whole system calcifies.
This isn't a housing crash. It's a housing freeze. Different problem, same pain.