Freddie Mac is out saying that the 30-year fixed rate mortgage rose to 6.39% from 6.35% in the prior week. Existing home sales this morning fell -3.4% to 4.28M annualized rate from 4.43M last month.
The problem in the housing is supply. The months supply of housing remains low at 2.9 months. It is largely thought that 6 month supply is more normal.
People who locked in low mortgages are reluctant to sell their homes and give up their low rate. Meanwhile homebuilder are concerned about affordability, and higher rates.
/inflation