Leading indicators of homebuying activity
Leading indicators of homebuying activity
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The daily average 30-year fixed mortgage rate was 6.94% on June 7, down from a seven-month high of 7.14% two weeks earlier but up from about 6.6% a month earlier. For the week ending June 1, the average 30-year fixed mortgage rate was 6.79%, up from 6.57% the week before–that’s the biggest weekly increase since October. It’s also the highest rate since November.
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Mortgage-purchase applications during the week ending June 2 decreased 2% from a week earlier, seasonally adjusted. Purchase applications were down 27% from a year earlier.
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The seasonally adjusted Redfin Homebuyer Demand Index–a measure of requests for home tours and other homebuying services from Redfin agents–was up slightly from a week earlier during the week ending June 4. It was up 3% from a year earlier, marking just the second annual increase in over a year (the first was a week earlier). Demand was dropping at this time in 2022 as mortgage rates rose.
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Google searches for “homes for sale” were up 7% from a month earlier during the week ending June 3, and essentially flat from a year earlier.
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Touring activity as of June 4 was up 16% from the start of the year, compared with a 2% decline at the same time last year, according to home tour technology company ShowingTime. Tours declined during this time last year as mortgage rates shot up.