April 30 2026

Mortgage applications eased modestly last week, giving back a small portion of the prior week’s sharp gains as rates moved slightly higher. The Mortgage Bankers Association (MBA) reported a 1.6% decrease on a seasonally adjusted basis for the week ending April 24. The pullback was driven by softer refinance demand, while purchase activity continued to improve. The Refinance Index fell 4% from the previous week but remained 51% higher than the same week one year ago. Meanwhile, the seasonally adjusted Purchase Index increased 1% week over week and stood 21% above last year’s level. The average 30-year fixed mortgage rate increased slightly to 6.37% from 6.35%, contributing to the decline in refinance activity. Even so, steady inventory gains and resilient demand appear to be supporting buyers during the spring market. MBA’s Mike Fratantoni said, " Mortgage rates increased slightly last week, with the 30-year fixed rate rising to 6.37 percent... More notably, purchase application activity was more than 20 percent above last year’s pace... potential homebuyers certainly appear to be moving forward this spring and taking advantage of the more favorable inventory conditions in most parts of the country. " Application composition shifted further away from refinancing, with refinance share declining to 42.5% from 44.2% the prior week. ARM share increased to 8.3% . FHA share fell to 17.2% , while VA share held steady at 15.0% and USDA share remained unchanged at 0.5% .

April 30 2026

Home price appreciation remained subdued in early 2026, according to the latest data from both FHFA and S&P Cotality Case-Shiller. The two reports show prices still edging higher nationally, but with momentum slowing further as affordability constraints and elevated mortgage rates continue to weigh on the market. FHFA’s seasonally adjusted House Price Index was unchanged in February from the prior month, following an upwardly revised 0.2% gain in January . On an annual basis, prices were up 1.7% versus February 2025, slightly below the pace seen in prior months and consistent with a cooling appreciation trend. Regional FHFA data showed continued divergence across the country. Monthly price changes ranged from -1.1% in the Mountain division to +0.6% in the South Atlantic division. Over the past year, appreciation ranged from -0.7% in the Mountain region to +4.2% in the Middle Atlantic, highlighting a growing split between softer Western markets and firmer Northeastern areas. The S&P Cotality Case-Shiller U.S. National Home Price Index posted a 0.7% year-over-year gain in February, down from 0.8% previously and marking another step lower in annual appreciation. The 10-City Composite rose 1.5% , while the 20-City Composite increased 0.9% , both slowing from January readings.

April 24 2026

Short version: The Pending Home Sales Index remains in the same low, narrow, sideways range that's been intact for 3 years. The good news is that there's been a reliable floor. The bad news is that the top of the range lines up with the historic lows seen in 2010 (April 2020 notwithstanding).  Longer version: Pending home sales moved modestly higher in March, breaking from recent softness but remaining within a relatively subdued range. The National Association of Realtors’ Pending Home Sales Index (PHSI) increased 1.5% month over month while declining 1.1% compared with the same time last year. The monthly gain suggests some underlying demand resilience, even as mortgage rates remained elevated. However, on an annual basis, contract activity continues to reflect a market still working through affordability constraints and uneven buyer participation. NAR Chief Economist Lawrence Yun noted that, " Contract signings rose in March despite higher mortgage rates, pointing to pent-up housing demand… A greater supply of inventory will help translate that demand into more home sales. " He added that demand remains particularly rate-sensitive among first-time and younger buyers, underscoring the need for additional supply in smaller, more affordable homes. Regional performance remained mixed. The Northeast and South posted monthly gains, while the Midwest and West saw declines. On a year-over-year basis, only the South recorded an increase, with the remaining regions continuing to trend lower — highlighting ongoing regional divergence in housing activity.